Moody’s gives Linn County its highest bond rating

CEDAR RAPIDS — Moody’s has given Linn County its highest bond rating for the county’s $5.1 million in general obligation water and land legacy bonds.

Obtained the Aaa rating — a mark of investor confidence in an entity’s ability to repay money — allows the county to obtain lower interest rates when it borrows money through bonds.

The bond debt stems from Linn County voters approving — by a nearly 74 percent majority — a $40 million Linn County Water and Land Legacy project in November 2016.

The multiyear bonds fund water quality projects, protect natural areas and pay for improvements to Linn County parks and trails.

Moody’s Investor Services also assigned a Aaa rating to the county’s previously issued general obligation bond debt.

“We work diligently each year across county departments to make responsible budgetary decisions and demonstrate accountability to taxpayers,” Linn County Finance Director Dawn Jindrich said. “This rating is a positive sign of Linn County’s financial stability and affirms the success of our efforts.”

The outlook on the bond rating is stable, according to a Thursday news release from the county.

“Moody’s expectation (is) that the county’s credit quality will remain strong, given the health of the regional economy and Linn County’s sound financial position and is supported by the county’s large and growing economic base that includes the metropolitan area,” the release stated.

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