Georgetown, Del., Jan. 3, 2012: Sussex County has done it once again, earning rare high marks in a down economy for its financial stability and fiscal management.

Standard & Poor’s of New York in late December upgraded the County’s general obligation bond rating – a credit score for businesses and governments – to AA+, the second ratings upgrade for the County in 18 months. The AA+ rating is the highest AA bond rating, and just below the highest bond rating of AAA.

The credit rating upgrade follows a similar upgrade from Moody’s Investors Service in June 2010, when Moody’s adjusted its bond rating for Sussex County to Aa1. Standard & Poor’s raised the County’s bond rating “due to its resilient local economy with below-average unemployment rates during a protracted national recession,” the firm said in a statement. The firm said the upgrade reflects the County’s “strong financial performance”.

The net result of the rating upgrade means more affordable loans for County government, and that makes Sussex County a more attractive, less risky investment for those individuals who buy bonds that pay for the County’s sewer construction projects, for instance.

“This is fantastic and timely news for Sussex County as we prepare to refinance bonds later this month,” said County Administrator Todd F. Lawson. “To have earned not one, but two ratings upgrades in just 18 months, and during a precarious economic period, is almost unheard of. We’re proud of this accomplishment, and we hope the public is, too.”

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