Moody’s Investor Service Affirms Upgrade to Sandoval County Bond Ratings

For Immediate Release
Date: June 30, 2023

David J. Heil, District 4, Chair of the Sandoval County Board of County Commissioners announced today that Moody’s Investors Service has affirmed Sandoval County, NM’s issuer rating and rating on the county’s general obligation unlimited tax (GOULT) bonds at Aa3. Chair Heil also reported that Moody’s  “has upgraded the rating on the county’s gross receipts tax (GRT) bonds to A1 from A2. The affirmation and upgrade affects about $13.9 million in GOULT bonds and $5 million in GRT bonds, respectively. The negative outlook has been removed.”

In making the announcement, Chair Heil explained that “This is very good news for Sandoval County. We work hard at preserving our ratings’ rankings, being fiscally prudent, and being compliant with all of our financial obligations.”  According to Sandoval County, there had a been misinterpretation of a regulation and subsequently, certain steps were required to correct the error, which the County did.

Moody’s Corporation, an American financial services company, acts as the holding company for Moody’s Investors Service and Moody’s Analytics. Moody’s Investors Service provides investors with credit ratings, risk analysis, and research for stocks, bonds, and government entities.