Moody's Investors Service said it has upgraded Columbia County, Wis.'s general obligation rating to Aa1 from Aa2.
Concurrently, Moody's has assigned a Aa1 rating to the county's $3.7 million general obligation refunding bonds. The bonds are secured by the county's general obligation unlimited tax pledge and proceeds will refund a portion of the county's general obligation refunding bonds, dated April 1, 2004, for net present value savings. Post-sale, the county will have $20.4 million of outstanding GO debt, all of which is rated by Moody's.
The upgrade to Aa1 reflects the county's improving socioeconomics and continued positive operating results, leading to the build-up substantial operating reserves and alternate liquidity. The Aa1 rating also reflects the county's moderately-sized tax base, located 25 miles north of Madison (Aaa stable) and experiencing declines in valuation; and an average debt profile with very low unfunded pension obligations.
