'A' Rating for Pinal County

Calling the rating outlook “stable,” Fitch affirmed Pinal County’s ‘A’ rating on outstanding certificates of participation (COPs). These are debt obligations stemming from capital purchase and lease agreements. “A stable outlook and an ‘A’ rating together mean that the taxpayer is getting a good deal and not getting soaked with debt,” Chairman and Supervisor David Snider said. “Our residents should be pleased with our conservative, measured approach to prudent financial management. One need only look to our neighboring states or counties for examples of serious budget and spending problems.”“Given the current national and state economic situation, maintaining our rating is a tribute to the fiscal responsibility of the Board of Supervisors and other elected and appointed officials who are working collaboratively to move the Pinal County forward,” County Manager Terry Doolittle said. The ratings summary states: “While various revenue sources – primarily sales taxes and development-related revenues – have declined sharply in recent months, the county has responded with a number of expenditure adjustments that to date have been sufficient to maintain sufficient operating reserve levels.”The Fitch analysts also concluded: “The county’s financial profile remains sound, as spending adjustments in recent months have offset revenue declines.” To read more about the Board of Supervisors’ adjustments resulting from the downturn in the economy, view the Feb. 12th, 2009 news release 'Board Approves Additional Budget Balancing Measures.' By continuing to expand and diversify its economic base, Pinal County spreads its risk across more areas of the economy. Not long ago, the county’s risk profile moved in direct relation to the mining industry. With a wider range of housing, jobs, industry and retail, the county is better able to ride out the highs and lows.