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Moody’s Investor Service Issues Credit Rating to Curry County

Post Date:06/14/2019 4:04 PM

Curry County Administration
417 Gidding Street, Suite 100
Clovis, NM  88101
(575) 763-6016

For Immediate Release on:   June 14, 2019

Issued By:                            Curry County Administration

Moody’s Investor Service Issues Credit Rating to Curry County

On June 11, 2019, Moody’s Investor Service issued an opinion that Curry County’s credit position is good, and issued Aa3 rating. Aa3 is the fourth highest rating in Moody’s Long-Term Municipal Obligation Rating. Obligations rated Aa3 are judged to be of high-quality and are considered a very low credit risk.

In addition, Moody’s stated that the County is in a very strong financial position, which is favorable, relative to the assigned rating. The fund balance, as a percent of operating revenues, is 62.2% and is far superior to the United States median. This rate grew modestly from 2014 to 2018. Additionally, the cash balance, as a percent of operating revenues, is 61.9% and well above the United States median.

County Manager Lance Pyle stated, “We are very pleased to continue receiving the Aa3 rating for Moody’s Investor’s Services and we strive to be fiscally responsible in managing the tax payer funds.”

The debt burden of the County is low and is quite favorable when compared to its Aa3 rating. The net direct debt to full value (0.5%) is roughly equivalent to the United States median and rose slightly between 2014 and 2018.

However, Curry County has been assigned an inflated pension liability and this is unfavorable in relation to the assigned rating of Aa3. Pyle also added, “The County’s excellent credit rating is due entirely to the quality of the financial status of the County and its citizens. It is unfortunate that we have a slight blemish due entirely to issues that no one in Curry County has any control or say over.” Stated Pyle.

If you have any questions, please contact the County Administration Office at 575-763-6016.

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