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 initial sale of $47.9 million of the $70 million of bonds authorized by voters in August. 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’s financial advisor, noted that in addition to the State of Missouri, SCCAD is now one of only four governmental units in the State to have a Moody’s triple-A rating.
“Just as individuals benefit by having excellent credit scores, the triple-A 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 $1,050,000 of interest by having the highest bond rating compared to the next rating grade on its initial bond sale.
“The District’s trend of surplus operations and conservative budgeting practices contributed to the high rating,” said SCCAD Chief Taz Meyer. “We are proud to be among the small group of Missouri governments to achieve a triple-A rating, and we expect to continue achieving strong results going forward.”
The District plans to sell the bonds by competitive bidding on November 29. Projects slated for completion utilizing funds generated by the bonds include acquisition of property for new ambulance stations and a consolidated District headquarters facility, construction of said facility, and purchase of advanced life support units and lifesaving equipment.