Community college, refunding bonds assigned ëAAí rating
SALISBURY ó Fitch Ratings has assigned a ěAAî rating to Rowan Countyís $12 million community college bonds and $18.685 million refunding bonds, both series 2011.
ěAAî is the second-highest rating in the Fitch scale, indicating very high credit quality.
The community college bonds are being issued to pay capital costs of providing additional facilities and improvements to Rowan-Cabarrus Community College.
The refunding bonds will refund the series 2003 school bonds. The competitive sale is scheduled for Dec. 13.
In addition, Fitch affirms its ěAAî rating for $65.44 million general obligation bonds. The rating outlook is stable.
According to Business Wire, the key rating drivers are Rowan Countyís sound financial management, modest debt burden and manufacturing-based economy.
More information is available at www.fitchratings.com.