St. Charles County Ambulance District [SCCAD] has received a triple-A rating, the highest rating possible, from Moody’s Investors Service, a leading global credit rating, research and risk analysis firm.
The District applied for the bond rating in connection with an upcoming sale of $22,965,000 of the $70 million in bonds authorized by voters in August 2018. Moody’s released a report that describes the rationale for assigning the rating, including a modest debt burden, stable financial operations, and sizable reserves.
Joy Howard, the District financial advisor, noted that in addition to the State of Missouri, SCCAD is now one of only six governmental units in the state to have a Moody’s triple-A rating.
“Just as individuals benefit by having excellent credit scores, the Aaa rating will result in the lowest possible interest cost on the District’s bonds,” Howard said.
Ms. Howard indicated that the District will save approximately $640,000 of interest by having the highest bond rating compared to the next rating grade on its bond sale.
“The District’s trend of surplus operations and conservative budgeting practices contributed to the high rating,” said SCCAD Chief Kelly Cope. “We are immensely proud to be among the small group of Missouri governments to achieve an Aaa rating and expect to continue achieving strong results going forward.”
The District plans to sell the bonds by competitive bidding on August 12. Projects slated for completion utilizing funds generated by the bonds include acquisition of property for new ambulance stations, construction of said facilities, and purchase of advanced life support units and lifesaving equipment.