Guilford County is expected to competitively sell $164.6 million of general obligation bonds on Tuesday to finance construction projects.
The Series 2009A bonds have 20-year maturities and have been rated Aa1 by Moody’s Investors Service, AAA by Standard & Poor’s, and AA-plus by Fitch Ratings. All three ratings also apply to the county’s $547 million of outstanding debt. The agencies said the county’s debt outlook remains stable.
About 80% of the GO proceeds will finance public school construction and 15% will finance community college facilities.
Robinson, Bradshaw & Hinson PA will serve as bond counsel.
Guilford’s tech-friendly industries may shelter the county from the national recession and keep unemployment in check, according to analysts. Located in the Piedmont region in the center of the state, Guilford County includes Greensboro and High Point.
The growth of technology firms has offset declines in textile and apparel manufacturing in the area. The Honda Aircraft Co. established its headquarters in Greensboro in 2007 and is expected to deliver the first HondaJet in 2010. Guilford is also home to the Piedmont Triad International Airport.
The county enjoys good financial health with debt levels between 2.3% and 2.4% of market value and a balanced fiscal 2009 budget, according to Fitch and Moody’s.