CARTERET COUNTY, NC (December 3, 2024) – Carteret County Government (CCG) has been awarded a prestigious financial upgrade by Fitch Ratings, moving from a ‘AA+’ to an ‘AAA’ Issuer Default Rating and General Obligation bond rating. This places Carteret County at the highest level of creditworthiness, reflecting strong fiscal management, economic stability, and financial resilience.
Fitch’s ‘AAA’ rating is awarded based on key strengths, including Carteret County’s high revenue potential, low debt burden, and diversified economy. The rating recognizes the county’s conservative budgeting practices, healthy reserves, and a record of sound financial stewardship, placing Carteret County among an elite group of local governments nationwide with the highest credit rating.
“The accomplishment highlights the Board of Commissioners’ dedication to fiscal responsibility and our commitment to ensuring Carteret County’s financial strength for the future,” said Chris Chadwick, Chairman of the Board of Commissioners.” As we prepare for our next board planning seminar, this rating reinforces the stable financial foundation that will guide our investments and initiatives.”
The ‘AAA’ rating not only signifies financial stability but allows the county to secure favorable rates when borrowing for future projects, potentially saving taxpayers’ money and bolstering the county’s ability to invest in important infrastructure and services.
County Manager Tommy Burns acknowledged the efforts of the team that contributed to this achievement, stating, “Reaching the top credit rating is a milestone made possible by years of thoughtful planning and collaboration. I want to especially recognize the exceptional leadership of Deputy County Manager and Finance Director Dee Meshaw, whose financial expertise and dedication were pivotal in this success.”
Residents can learn more about Carteret County’s budget process, meeting schedules, and initiatives by visiting www.carteretcountync.gov.
Detailed information on CCG’s AAA Fitch Rating is available at: https://www.fitchratings.com/research/us-public-finance/fitch-upgrades-carteret-county-nc-idr-gos-to-aaa-on-criteria-change-outlook-stable-26-11-2024.
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