Fulton County, GA Various Debt Ratings Affirmed And Removed From CreditWatch

Stocks and Financial Services Press Releases Tuesday February 13, 2018 09:11
CENTENNIAL--13 Feb--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Feb. 12, 2018--S&P Global Ratings affirmed its 'AA+' long-term rating on Fulton County, Ga.'s general obligation (GO) debt. Additionally, we affirmed our 'AA+' long-term rating on the Atlanta and Fulton County Recreation Authority's series 2007A (zoo project) bonds and the Fulton-DeKalb Hospital Authority's (FDHA) taxable refunding revenue certificates (supported by the county). Finally, we affirmed our 'AA' long-term rating on the county's appropriation-backed obligations issued by the Fulton County Facilities Corp. We have removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 15, 2017. The outlook is stable.

"The CreditWatch removal reflects our view of the resolution of unexpected liquidity issues following the Georgia Department of Revenue's rejection of Fulton County's 2017 property tax digest in October 2017 and the resulting delay in the county's ability to bill and collect property taxes," said S&P Global Ratings credit analyst Randy Layman.

The 'AA+' rating reflects our view of such factors as the county's very strong economy, budgetary flexibility, and liquidity.

The stable outlook reflects our opinion of the county's very strong local economy and flexibility and liquidity positions. Given these factors, we do not expect to change the ratings within the two-year outlook horizon.


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