Madison County Commission Chairman Dale W. Strong on Wednesday announced that the county has received an upgrade in its credit rating from Moody’s Investors Service, resulting in the best rating in the history of Madison County.
Moody’s has upgraded Madison County from an Aa2 rating to Aa1. Additionally, S&P Global Ratings maintained the county’s current rating of AA+ with a stable outlook.
A press release from Strong’s office outlined that during recent meetings with both S&P and Moody’s, Madison County was praised for systematic measures taken to improve and strengthen the financial control of county operations. This includes the execution of debt reduction, upgraded accounting practices, financial management, job creation and organizational rightsizing.
“Our Commission and financial team have embraced change and have set conditions through new policies while making the hard decisions when it mattered most leading to this momentous announcement, and the tax payers of Madison County will benefit the most with lower bond rates,” Strong said in a statement.
In their new rating, Moody’s specifically cited Madison County’s large and growing tax base; healthy financial position marked by solid reserve and liquidity levels; and manageable debt burden. S&P noted strength in the local economy and budgetary performance, as well as strong liquidity and budgetary flexibility.
“These are historical times in Madison County, Alabama,” Strong emphasized.
“Since 2012, we have been very successful in letting the rest of the world know our engineering, advanced manufacturing, and propulsion capabilities thereby leading to more than 25,000 new jobs for the greater Madison County region,” he outlined. “While Huntsville has always been the Rocket City, if your company is in space or missile defense and you don’t have a presence in Madison County you need to rethink your business model because whether it be rockets or automotive engines Madison County is truly the Propulsion Capital of the World.”
Madison County continues to grow quickly, currently with a population of approximately 360,000 residents.
While Strong believes the economy in his county is the most robust he has ever witnessed, he concluded, “I believe Madison County’s finest hours are still ahead. Our team continues to build a solid economy and workforce not only for this generation but for many generations to come.”
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn