| Lee County's long term general obligation debt rating was recently raised from A+ to AA- by Standard & Poor's, a leading bond rating service. The improved rating was based on the the county's growing economic base, the stablizing presence of Auburn University and proximity to Ft. Benning, GA.
S & P stated the county's current financial position remained strong in their opinion due to the relatively stable revenue sources and conservative budget practices in conjunction with a strong financial performance adn moderate overall net det burden.
The rating increase is timely as the County prepares to issue $8 million in bonds to fund a county-wide bridge replacement program. The County's bond counsel, Frazier Lanier, stated "The rating upgrade is a huge benefit to the county. It will save $50,000 immediately upon purchase of the bonds because the county will no longer have to buy bond insurance." |
