S&P Global Ratings has assigned Hamilton County a ‘AAA’ long-term rating for its existing general obligation bonds (GO) and lease debt. The rating also extends to the county’s upcoming 2024 general obligation refunding and project bonds, which carry a preliminary par value of $55 million. The outlook remains stable.

The high rating comes as the county embarks on a significant project to upgrade its Judicial Center. The savings generated from refunding existing bonds will enable Hamilton County to fund the center’s improvements while keeping the tax rate steady for an additional four years.

“The savings on the refunded bonds will allow the county to finance improvements to the county’s Judicial Center by extending the current tax rate for four years,” said Amy Massillamany, president of the Hamilton County Council. “That ensures the project can be completed with no tax increase.”

S&P analysts commended Hamilton County’s “very strong economic profile,” highlighting its robust growth, including the fastest population increase among all Indiana counties in the latest census.  These practices, according to the report, have allowed Hamilton County to preserve a strong reserve position while managing its operating costs, capital projects, and limiting new debt accumulation.

“This rating saves our residents money by providing a lower cost of borrowing to finance capital projects,” said Mark Heirbrandt, president of the Hamilton County Commissioners. “This also makes the county more attractive to businesses and signals a sound and stable economic climate. It certainly speaks to the hard work and teamwork of our county commissioners, county council, and finance team over the past three months.”