Standard & Poor’s last week raised its long-term rating on Cumberland County’s general obligation bonds to AA-plus from AA-minus and placed a stable outlook on the debt.
The agency also raised the rating on certificates of participation issued the by the Cumberland County Finance Corp. to AA from A-plus with a stable outlook.
“The upgrade on the county reflects its continually strong financial position and economic development,” Standard & Poor’s analyst Nicole Ridberg said in a press release.
Cumberland County, with a population of 304,034, is located in central North Carolina about 50 miles southwest of Raleigh. The city of Fayetteville is the county seat.
The local economy is stable and diverse, with interests in manufacturing, services, and distribution, Ridberg noted. The county is also home to two large military installations, Fort Bragg and Pope Air Force Base. Cumberland is expecting an additional 13,000 military and civilian personnel to move to the area.
The county’s capital improvement plan carries it through 2014 and totals $238.7 million.
The increasing tax base and good wealth levels are also stabilizing factors to the rating, according to Ridberg.
“Due to the county’s strong financial management practices, we expect its financial position will remain very strong,” he said.
