Union County recently received a AAA bond rating and stable outlook designation from all three major ratings agencies: Standard & Poor's Global Rating (S&P), Moody's, and Fitch Ratings. The agencies have given the County the highest bond rating and designation possible for the general obligation bonds. Additionally, the agencies issued the AA+ and AA1 ratings on the County's limited obligation bonds (LOBs) and certificates of participation (COPs) outstanding. The ratings of AA+ and AA1 are only one level lower than AAA.

"The ratings and designation indicate Union County's strong financial health and promising economic outlook," said County Manager Brian Matthews. "Our commitment to fiscal responsibility and sound and proactive decision-making sets up the County for continued economic growth and success."

Each agency highlighted its reasoning for issuing the highest possible bond rating and granting a stable outlook designation to the County. Standard & Poor's Global Rating (S&P) said the AAA long-term rating is due to stable financial performance that has kept up with demand for additional services following population growth in the last decade, as well as the County's proximity to Charlotte, which results in higher county-level income. The other two agencies echoed the sentiment, with Moody's adding that "ongoing economic development and that finances will remain healthy, supported by strong management."

Standard & Poor's Global Rating (S&P) said that in addition to having a strong and growing economy, Union County has a history of positive operating results and increasing fund balance, with stable revenue sources, including property taxes accounting for approximately 61% of total general fund revenue and sales taxes, at 18%. Also, the management team "maintains well-embedded financial management policies and practices."

"Achieving the AAA bond rating is a result of our elected officials, management team and financial staff once again collaborating to ensure a positive financial outlook for our County," said Finance Director Beverly Liles. "We are proud to continue to be equipped to deliver high-quality services that our community needs as it grows while practicing fiscal responsibility and committing to maintaining a strong financial foundation."