The following is a press release issued by the County of Mendocino:
The County of Mendocino recently received a credit rating upgrade from S&P Global Ratings (“S&P”). The County’s Issuer Credit Rating, which reflects the County’s overall creditworthiness, was increased from “AA-” to “AA”. In addition, S&P assigned a rating of “AA-” to the County’s upcoming $19.975 million County of Mendocino Certificates of Participation (“COPs”), Series 2022 and raised its rating on the County’s other outstanding COPs. S&P cited several key factors in the upgrade, including the County’s “improved financial position, supported by enhanced financial management policies and practices that (S&P) consider strong.”
Mendocino County Board of Supervisors Chairman, Ted Williams stated, “Leveraging a newfound drive to bolster professionalism, staff and the Board were able to convey the state and trajectory of County finances with inordinate transparency. When people asked for the County’s good news, I answer without hesitation: our hard-working staff. Their diligence is reflected in our new, upgraded credit rating, which will benefit bottom-line county finances for many years to come.”
The 2022 COPs will be issued to refinance the County’s existing 2012 COPs for cash flow savings and fund $10 million of new capital projects, including the expansion of County jail facilities and various roofing and HVAC projects at essential County facilities. The 2022 COPs are expected to price as early as the week of September 12th and close approximately 30 days later.