Dallas County Still Triple-A

Dallas County had its triple-A ratings affirmed last week by Standard & Poor’s and Moody’s Investors Service for the 31st straight year.

The county is one of 40 of the 3,200 counties in the United States that is rated AAA by Standard & Poor’s and Aaa by Moody’s. Its debt is not rated by Fitch Ratings.

Treasurer Joe Wells praised the county commissioners for “their prudent, fiscally conservative management of the county’s finances.”

The county does not have any authorized but unissued debt, and last issued bonds in 2006 to finance a jail expansion. Service on the $162 million of outstanding debt is expected to decline from $16.2 million in fiscal 2008 to $10 million in fiscal 2013.

Moody’s said Dallas County’s total tax rate is the second-lowest of the 76 Texas counties with a published credit rating.

“Dallas County will continue to feel the effects of the economic recession in terms of slow assessed value growth and rising unemployment levels,” said analyst Douglas Benton. “However, as the economy gains strength in the coming years, Moody’s expects the county’s tax base to return to moderate growth levels, aided by its central location in a bustling metroplex and strong transportation infrastructure.”

Budget director Ryan Brown told county commissioners last week that property values in the county are expected to decline by 4% this year and 9% in fiscal 2010.

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