Dec. 7, 2020 - Kewaunee County Receives Upgraded Bond Rating Score

Jennifer Gonzalez
Public Information Officer, Kewaunee County
Office: (920) 388-0567
Email: gonzalez.jennifer@kewauneeco.org
 
FOR IMMEDIATE RELEASE
 
December 7, 2020
  
KEWAUNEE COUNTY, WI – Kewaunee County’s budget management has contributed to an upgrade of its bond rating by Moody’s Investors Service.
 
The County has been awarded a new score of A1 for its long-term credit, the fifth highest score on a ten-step scale. It’s an increase of one step from the County’s A2 rating that was given during its last full review of audit reports, financial data and operational and management documents in 2015.
 
In a Moody’s press release, the ‘Ratings Rationale’ stated, “The upgrade to A1 is based primarily on the County’s significantly improved financial operations and reserves.”

“We are pleased to receive this rating increase at a time when we are working to replace our County jail facility,” said Kewaunee County Administrator Scott Feldt. “This improvement will save County taxpayers tens of thousands of dollars in interest costs.”

Currently, Kewaunee County has $9.65 million of outstanding general obligation (GO) debt, which is 10.10% of its legal debt limit. In 2015, GO debt stood at $16.12 million.

“During the last five years, we have saved money by capping the County landfill, added revenue through a half-percent County sales tax, developed a capital improvement plan, established a fund balance policy, and implemented a policy that transfers a percentage of general fund surplus to the debt service fund for early payment,” said Feldt. “This rating reflects our fiscal discipline, validates our staff’s hard work and recognizes our consistent focus on spending taxpayer dollars wisely.”

Kewaunee County’s new A1 rating was issued by Moody’s on December 3, 2020.