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Solano County receives AA+ and AAA credit rating upgrades from Standard and Poor
September 13, 2021
SOLANO COUNTY – County officials are pleased to announce that Solano County has recently received a credit rating upgrade from Standard & Poor’s (S&P) in connection with its upcoming issuance of the 2021 Certificates of Participation (2021 COPs). S&P assigned a rating of AA+ to the 2021 COPs and simultaneously upgrade the County’s other outstanding COPs from AA to AA+. The 2021 COPs will fund energy conservation and generation projects for County campuses located in Fairfield, Vallejo and Vacaville. Additionally, S&P raised its long-term rating on the County’s outstanding pension obligation bonds from AA+ to AAA, the highest possible rating.
"The rating upgrades are a direct result of sound fiscal policies implemented over the last several years by the Board of Supervisors and County Administrator – and the strength to follow those policies when it was not always easy to do so,” says Chuck Lomeli, Solano County Treasurer-Tax Collector-County Clerk.
S&P’s credit report summarized the key factors justifying the upgrade, including the strong economy, sound financial policies and practices, robust budget development process, improving property tax revenues for the County General Fund and a stable outlook, despite the impacts of the ongoing COVID-19 pandemic health emergency. This higher rating for the future debt will give the opportunity to the County to price the bonds at lower interest rates.
“This is great news for the County,” says Phyllis Taynton, Solano County Auditor-Controller. “This achievement has been a team effort and I am proud to be part of the County’s management team and receiving this upgraded rating. We work hard every day to ensure the County’s financial stability and accountability to its citizens and these ratings are a recognition of our commitment to them.”
John M. Vasquez, District 4 Supervisor and Chair of the Board of Supervisors, joined the County’s senior financial executive management team, including Phyllis Taynton, Auditor-Controller, Chuck Lomeli, Treasurer-Tax Collector-County Clerk, Nancy Huston, Assistant County Administrator, Ian Goldberg, Budget Officer and Megan Greve, Director of General Services in making a presentation on the County’s budget, finances and local economy to the rating agency in connection with the upcoming 2021 COPS.
“The County of Solano has been a strong steward of its finances over my tenure as a Supervisor,” says John M. Vasquez, District 4 Supervisor and Chair of the Board of Supervisors. “This higher upgraded rating for the 2021 COPS is truly a reflection of strong management and budgetary practices within the County organization.”
The Board will officially consider adoption of a resolution to approve the issuance of the 2021 COPS at their September 14, 2021 Board of Supervisors Meeting.