Delaware
Governor Carney Announces Delaware’s General Obligation Bonds Again Earn Triple-A Ratings and Attract Excellent Pricing – State of Delaware News
WILMINGTON, Del. – Governor Carney on Tuesday announced that the State of Delaware has once again received the highest possible AAA/Aaa ratings from the nation’s top rating services.
The State of Delaware received competitive bids on Tuesday for its upcoming sale of $359 million of General Obligation Bonds. The State’s bonds carry the highest possible ratings assigned by the nation’s major rating services – Fitch, Moody’s, KBRA and S&P Global Ratings – contributing to excellent results for the State and Delaware’s taxpayers.
“Delawareans deserve a state government that responsibly manages taxpayer dollars,” said Governor John Carney. “I was proud to work with then-Governor Tom Carper in the 1990s when Delaware first achieved a triple-A rating from the major bond rating agencies. Over the last quarter century — through good times and bad — our General Assembly and Governors worked hard to sustain our commitment to economic growth and responsible financial stewardship. I’m confident this will remain a top priority for Delaware’s leaders.”
Ratings are assigned based on criteria that include the State’s financial performance and management, overall debt load, and approach to long-term issues ranging from financial obligations to economic development trends. The highest ratings, Aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.
“Bond buyers continue to show a strong appetite for investing in Delaware. Despite a significantly higher interest rate environment today than just a couple years ago, today’s bids were very competitive,” said Secretary of Finance Rick Geisenberger. “The State’s total interest costs on its new bonds is 3.51%. That’s an increase of about 40 basis points versus last year’s bonds, consistent with Federal Reserve Policy moves over the last year. State taxpayers also realized $6.1 million in savings by refinancing $77 million of existing debt.”
All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and debt management practices. Fitch stressed the “proactive management and institutionalized protections designed to ensure surplus operations.” S&P’s report commented, “the State limits tax-supported debt…and adheres to clearly defined affordability parameters and rapid amortization.” Moody’s focused their comments on “strong limits on appropriations … while allocating surplus funds to non-recurring projects.” All agencies continue to regard the ratings as “stable” underpinned by the state’s strong reserves and continued economic growth.
“Delaware’s financial condition has never been stronger,” said Treasurer Colleen Davis. “The Delaware Treasury in collaboration with the Cash Management Policy Board continues to monitor strong liquidity and reserves. This lowers the State’s borrowing costs and increases interest income available for critical investments in schools, public safety, and our quality of life.”
Proceeds of the sale will fund a portion of the State’s capital program as well as refund previous bonds to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 15, 2024.
Rating reports can be found at the Delaware Department of Finance’s website.
Related Topics: general obligation bonds, triple-A rating
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
WILMINGTON, Del. – Governor Carney on Tuesday announced that the State of Delaware has once again received the highest possible AAA/Aaa ratings from the nation’s top rating services.
The State of Delaware received competitive bids on Tuesday for its upcoming sale of $359 million of General Obligation Bonds. The State’s bonds carry the highest possible ratings assigned by the nation’s major rating services – Fitch, Moody’s, KBRA and S&P Global Ratings – contributing to excellent results for the State and Delaware’s taxpayers.
“Delawareans deserve a state government that responsibly manages taxpayer dollars,” said Governor John Carney. “I was proud to work with then-Governor Tom Carper in the 1990s when Delaware first achieved a triple-A rating from the major bond rating agencies. Over the last quarter century — through good times and bad — our General Assembly and Governors worked hard to sustain our commitment to economic growth and responsible financial stewardship. I’m confident this will remain a top priority for Delaware’s leaders.”
Ratings are assigned based on criteria that include the State’s financial performance and management, overall debt load, and approach to long-term issues ranging from financial obligations to economic development trends. The highest ratings, Aaa/AAA, are granted to states that are best managed and prepared to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.
“Bond buyers continue to show a strong appetite for investing in Delaware. Despite a significantly higher interest rate environment today than just a couple years ago, today’s bids were very competitive,” said Secretary of Finance Rick Geisenberger. “The State’s total interest costs on its new bonds is 3.51%. That’s an increase of about 40 basis points versus last year’s bonds, consistent with Federal Reserve Policy moves over the last year. State taxpayers also realized $6.1 million in savings by refinancing $77 million of existing debt.”
All three rating reports related to the upcoming sale noted the importance of the State’s responsible budget practices and debt management practices. Fitch stressed the “proactive management and institutionalized protections designed to ensure surplus operations.” S&P’s report commented, “the State limits tax-supported debt…and adheres to clearly defined affordability parameters and rapid amortization.” Moody’s focused their comments on “strong limits on appropriations … while allocating surplus funds to non-recurring projects.” All agencies continue to regard the ratings as “stable” underpinned by the state’s strong reserves and continued economic growth.
“Delaware’s financial condition has never been stronger,” said Treasurer Colleen Davis. “The Delaware Treasury in collaboration with the Cash Management Policy Board continues to monitor strong liquidity and reserves. This lowers the State’s borrowing costs and increases interest income available for critical investments in schools, public safety, and our quality of life.”
Proceeds of the sale will fund a portion of the State’s capital program as well as refund previous bonds to realize debt service savings. Closing on the sale and receipt of bond proceeds is scheduled for May 15, 2024.
Rating reports can be found at the Delaware Department of Finance’s website.
Related Topics: general obligation bonds, triple-A rating
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
DELAWARE COUNTY, Ohio — People in Delaware County said it feels like new housing developments are popping up on every corner.
WSYX
“What haven’t you noticed, right? The whole area just exploded,” said Scott Shonebarger.
Scott Sanders, the executive director of the Regional Planning Commission, said companies like Intel and other industries are a main driver for thousands of people moving to Delaware County.
With the big boom comes an urgent need for more housing.
John Wicks is the developer at Real Property Design and Development.
He has spent over a decade building homes for families in Delaware County.
Wicks said the Olentangy School District is one of the hottest spots for new homes.
“I started with one high school up until the 90s, then now we’re up to four up to five different high schools so it’s just a big draw,” said Wicks. “It’s a beautiful community.”
The district has grown into the fourth largest in Ohio with a new elementary school opening next year, and a fifth high school in 2028.
Wicks said the growth has presented some challenges over the years like labor shortage and some opposition.
“It’s become a big issue for a lot of people that live in and around these areas. They tend to oppose new growth and new development, so restrictions have gotten a little bit harder. Costs have obviously gone up over the last 20 years,” said Wicks.
The planning commission says between 275,000 and 350,000 people could call Delaware County home by 2040.
That’s up from 214,000 in 2020.
Scott Shonebarger said he supports growth but wonders when is enough.
“I mean to a certain extent I think you know at some point right you have to have some sort of boundaries I think, getting into the fact that now you have five high schools,” said Shonebarger. “What’s the limit?”
Police in Wilmington, Delaware, shot and killed a 19-year-old man Wednesday night.
The incident happened in a residential area near 24th and Jessup streets just after 11 p.m., Wilmington police said in a news release. The person who was shot has not been publicly identified.
Officers were monitoring a large crowd gathered outside when they saw a man exit a home with a handgun and point it toward the crowd, police say.
When officers approached the man, he ran away and a foot pursuit began, police say.
At some point in the chase, an officer fired their weapon and hit the 19-year-old. The man was taken to a local hospital, where he later died.
Police say they recovered a loaded gun from the man and that the officer was not injured.
Video filmed at the scene shows a crowd of residents gathered outside after the shooting.
Police are asking anyone with more information to come forward. The shooting is under investigation by the Delaware Department of Justice and Wilmington police.
Delaware Supreme Court Justice Karen L. Valihura announced Wednesday that she will lead a new corporate law institute at the Wilmington University Farnan School of Law.
She will step down from the bench of Delaware’s highest court in late July, after choosing not to seek reappointment at the end of her 12-year term. She revealed her plans for the next phase of her legal career in a special session of the court in Wilmington.
As well as joining the Wilmington University law school faculty, Valihura will be the founding director of the school’s new Corporate Law, Governance and Practice Institute. …
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