Montgomery County, Alabama, said it is working on the factors that led Moody's Ratings to withdraw its ratings Wednesday and hopes to have the ratings restored this fall.
The county has about $188 million in outstanding debt, according to Moody's.
Moody's said it withdrew its Aa1 issuer and general obligation limited tax bond ratings and its Aa2 lease bond rating because of a lack of information from the county, including a missing 2023 audit.
"We want to assure the public that the absence of the 2023 audit is not indicative of any financial impropriety or instability within Montgomery County," county commission members said in a written statement. The fiscal 2023 audit covers the year ending Sept. 30, 2023.
"The audit process has faced challenges, leading to a backlog," they said.
We "are fully committed to transparency and accountability," the statement said. "Significant progress has been made on the 2023 audit and we are working diligently with our auditors to finalize and submit it as quickly as possible. We anticipate the audit will be completed and publicly available by September 30, 2025."
Once the audit is completed, the commissioners plan "to re-engage with Moody's and other rating agencies to demonstrate our adherence to financial best practices and to seek reinstatement of our bond rating."
S&P Global Ratings rates
It couldn't be immediately determined if Fitch Ratings or KBRA rates any Montgomery County debt.
