Warrick County, IN Debt Rating Raised To #AA#; Series 2018 GO Bonds Rated #AA#

Stocks and Financial Services Press Releases Wednesday May 9, 2018 09:23
CHICAGO--9 May--S&P Global Ratings

CHICAGO (S&P Global Ratings) May 8, 2018--S&P Global Ratings has raised its rating to 'AA' from 'AA-' on Warrick County Redevelopment District, Ind.'s existing debt (issued by the county), and at the same time assigned its 'AA' rating to Warrick County's series 2018 general obligation (GO) bonds.

The outlook is stable. "The upgrade reflects our view that the county has built and sustained financial reserves at a very strong level, providing significant financial flexibility in future years," said S&P Global Ratings credit analyst Kathryn Clayton. The 2018 bonds will finance renovation and improvement projects and purchases for the courthouse and judicial center and historic jail facilities.

Warrick County, with an estimated population of 62,530, is located in the Evansville, Indiana-Kentucky metropolitan statistical area. The stable outlook reflects our expectation the county's management team will continue to make cost adjustments as necessary to maintain a significant amount of budgetary flexibility and very strong liquidity. The county's near-term financial projections indicate stable overall budgetary performance; therefore, we do not expect to change the rating during the two-year outlook horizon. We could lower the rating if the county's financial performance deteriorates due to higher project costs or other budgetary stresses that negatively affects reserves or liquidity.

In addition, if economic metrics worsen in the Evansville MSA to the point that we no longer consider the economy broad and diverse, it could lead to a downgrade. We could consider a higher rating if the economy shows signs of sustainable growth and the tax base diversifies to reduce the concentration among leading taxpayers.

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