May 8, 2024 – El Paso County’s bond rating was recently upgraded by rating agency Standard and Poors to AA+ following a process necessary to issue the $15 million certificates of participation (COP) for the approved Falcon Sheriff’s Office substation.
The specific reasons given for the rating improvement were:
- Increase in the unrestricted/available fund balance
- Budgetary sustainability
- Adjusting the compensation schedule
- Increasing the contributions to the El Paso County pension
- The growth momentum of El Paso County property tax revenues
- The long-term economic growth of our community
“This credit rating increase is a testament to the conservative budgeting practices and diligent financial stewardship of this Board of County Commissioners,” said El Paso County Chief Financial Officer Nikki Simmons. “By creating a sustainable budget, increasing our fund balance and ensuring our staff are adequately compensated, among other things, El Paso County has strengthened its financial position and earned this exemplary rating.”
The AA+ rating, which is the highest El Paso County can receive due to TABOR compliance, allows the County to receive better interest rates when selling COPs.
For more information about how the credit rating process works, please visit https://www.spglobal.com/ratings/en/about/understanding-credit-ratings.