SB County celebrates credit upgrade
San Bernardino County’s credit rating has been upgraded by one of the top credit rating agencies in the United States.
S&P Global changed the county’s rating from AA to AA+ following a review request by the board of supervisors, according to a statement.
Board members submitted the request last month after they approved a $335.2 million dollar refunding of the county’s outstanding debt. County officials expect to save more than $30 million because of the higher rating.
“This is a testament to the great work being done by our budget staff, our department managers and all county employees, who provide the public with a high level of service,” said Board Chairman Curt Hagman in the statement.
S&P Global cited a strong local economy, growth in employment and an increase in retail activity as some of the reasons for the upgrade The New York-based company also lauded the county’s “fiscal discipline” and its “robust” budget development process, according to the statement.