It’s Back!!
Lackawanna County has secured its bond rating once again.
The Commissioners were notified today (December 30) that Standard & Poor’s has restored the County’s bond rating to A-stable.
This action represents the culmination of a lot of hard work, cost-cutting and doing more with less without any reduction of services or programs. The County’s bond rating was downgraded in 2011.
“This is tremendous news,” said Commissioner Jim Wansacz. “It has been a long journey but we were able to do this with a lot of sound financial decisions, sacrifice, audits done on time and budget surpluses.”
“This is a huge step moving forward. It also represents the commitment and determination of Jim Wansacz to have the County on solid ground. We will continue to forge ahead with sound financial practices with an eye on securing an even better rating,” said Commissioner Patrick M. O’Malley.
“This was a long time coming and took a lot of hard work. Many tough decisions were made in pursuing the bond rating. This is the result of strong management and sound business practices,” noted Commissioner Edward G. Staback.
This upgrade will enable the County to refinance debt and secure better interest rates. It is also hoped that the rating will eliminate the surveillance fee the County is currently paying, saving hundreds of thousands of dollars.
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