Maui County Receives Strong Credit Rating
Mayor Alan Arakawa announced that three major bond rating agencies awarded Maui County the highest bond ratings in the state last week.
Moody’s, Standard & Poor’s and Fitch rated Maui County Aa1/AA+/AA+ on the Series 2018 bonds. These ratings reflect the County of Maui’s strong financial position and sound management. Fitch Ratings reports that Maui County’s “financial resilience is very strong” and “budget management during the economic expansion has been solid, with the County setting aside reserves to address long-term liabilities and emergencies.”
“These bond ratings solidify what we have come to expect in Maui County – sound financial management and a strong economic outlook,” said Mayor Arakawa. “High bond ratings are important because they are the county’s equivalent of someone’s personal credit score or credit rating,” said Finance Director Mark Walker.
“It means spending less taxpayer money on borrowing money for important projects, because we’re paying less interest over time,” said Managing Director Keith Regan.
“The fact that Maui County received such a great score means millions of dollars saved for taxpayers. I commend Finance Director Mark Walker, Deputy Director Jack Kulp, Budget Director Sandy Baz, Treasurer May-Anne Alibin and their people for all their fine work,” added Arakawa.
The news about high bond ratings comes on the heels of two other budget and finance awards for Maui County this year. The Government Finance Officers Association (GFOA) of the United States and Canada awarded the county the Distinguished Budget Presentation Award as well as the Certificate of Achievement for Excellence in Financial Reporting.
The Certificate of Achievement is the highest form of recognition in the area of government accounting and financial reporting, while the Distinguished Budget award reflects the commitment of a governing body and staff to meeting the highest principals of governmental budgeting.