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
Search Warrants in Dover Lead to Arrests for Drug and Gun Offenses – Delaware State Police – State of Delaware
The Delaware State Police have arrested 39-year-old Neal Barnes, 52-year-old Anthony James, and 51-year-old Kevin Walker, all from Dover, Delaware, for felony drug and gun charges following three search warrants in Dover.
On December 11, 2025, members of the Kent County Drug Unit executed search warrants at three residences on the 60, 70, and 100 blocks of Vanessa Drive in Dover. The search warrants were obtained following an investigation of Neal Barnes, Anthony James, and Kevin Walker for the distribution of illegal narcotics from their residences. During the search warrants, all three suspects were detained inside their respective homes without incident, and a child was present in Walker’s residence.
During a search of Barnes’ residence, detectives found the following items:
- Approximately 2.76 grams of cocaine
- Approximately 99.76 grams of crack cocaine
- 9mm handgun and ammunition
- .38 caliber handgun and ammunition
- Digital scales
- Drug paraphernalia
During a search of James’ residence, detectives found the following items:
- Approximately 19.88 grams of crack cocaine
- Approximately 52.59 grams of cocaine
- Drug paraphernalia
- $2,472 in suspected drug proceeds
During a search of Walker’s residence, detectives found the following items:
- Approximately .69 grams of heroin
- Approximately .35 grams of methamphetamine
- Approximately 11.77 grams of crack cocaine
- Approximately 31 ecstasy pills
- Approximately 14 acetaminophen and oxycodone hydrochloride pills
- Approximately 21 buprenorphine and naloxone sublingual films
Barnes was arrested and taken to Troop 3, where he was charged with the crimes listed below, arraigned by Justice of the Peace Court 2, and committed to Sussex Correctional Institution on a $57,000 cash bond.
- Possession with Intent to Distribute a Controlled Substance, Tier 3 (Felony)
- Possession of a Controlled Substance, Tier 3 (Felony)
- Possession with Intent to Deliver a Controlled Substance (Felony)
- Possession of a Firearm/Destructive Weapon if Previously Convicted of a Violent Felony (Felony) – 3 counts
- Possession of a Controlled or Counterfeit Substance except Human Growth Hormone without a Prescription
- Possession of Drug Paraphernalia
James was arrested and taken to Troop 3, where he was charged with the crimes listed below, arraigned by Justice of the Peace Court 2, and committed to Sussex Correctional Institution on a $146,000 cash bond.
- Possession with Intent to Distribute a Controlled Substance, Tier 3 (Felony)
- Possession of a Controlled Substance, Tier 3 (Felony)
- Possession with Intent to Distribute a Controlled Substance, Tier 2 (Felony)
- Possession of a Controlled Substance, Tier 2 (Felony)
- Possession of Drug Paraphernalia
Walker was arrested and taken to Troop 3, where he was charged with the crimes listed below, arraigned by Justice of the Peace Court 2, and committed to Sussex Correctional Institution on a $39,500 secured bond.
- Possession with Intent to Distribute a Controlled Substance, Tier 2 (Felony) – 2 counts
- Possession of a Controlled Substance, Tier 2 (Felony) – 2 counts
- Possession with Intent to Distribute a Controlled Substance (Felony) – 2 counts
- Possession of a Controlled or Counterfeit Substance except Human Growth Hormone without a Prescription – 5 counts
- Endangering the Welfare of a Child by Committing a Drug Offense with a Child in the Dwelling
Disclaimer: Any individual charged in this release is presumed innocent until proven guilty in a court of law.
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PHILADELPHIA (WPVI) — Crews and customers across the Delaware Valley are gearing up for the region’s first accumulating snowfall of the season, expected late Saturday into Sunday morning.
PennDOT says it has more than 100,000 tons of salt ready and plans to deploy over 400 trucks across the region for this event.
Road crews began brining operations Friday, which will continue through the weekend with plowing on Sunday.
READ MORE | Accuweather Alert: Light snow to blanket the region Saturday night into Sunday morning
“Maybe 1 to 3, maybe a little bit more depending on how the storm tracks,” said Brad Rudolph of PennDOT.
He added that timing is key with the snow beginning to fall on Saturday night, while many may be out and about, and with thousands expected to travel to Lincoln Financial Field Sunday for the Eagles game against the Raiders.
Preps underway for first snow of the season in Delaware Valley
“People are going to travel, they’re going to need to take it slow. We’re going to push back snow from travel lanes, we’ll make the roads passable. They may not be completely clear of snow and ice, something to consider,” Rudolph said. “We expect this storm to push out relatively early Sunday, well before that Eagles game, but we still might have some cleaning up to do. We’ll be working long after this snow is done.”
At Stanley’s Hardware in Roxborough, workers spent Friday unpacking boxes and moving thousands of pounds of salt and other supplies to fill commercial and individual orders.
“Our aisle is filled right now. We have tons of skids of rock salt, ice melter, shovels,” said Joe Jaconski of Stanley’s Hardware.
Customers were already stocking up.
“We have food, we have shovels, just had to get some salt just to make sure we’re keeping the sidewalks nice and safe for everyone,” said Matt Skomsky of Roxborough.
Customers were steady at Stanley’s Friday, and business is expected to pick up through the weekend, but managers say don’t wait to get ready.
“I recommend just being ahead of it. Try to beat the storm because when the storm comes, it gets very busy in here-the lines wrapped around,” Jaconski said.
PennDOT urges drivers to keep their distance from plow trucks and check the forecast before heading out.
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Ellicott Development has expanded it local property portfolio. Ellicott’s 4628 Group Inc. purchased 695 Delaware Avenue on Wednesday for $1.025 million. Fred Kaplan Living Trust was the seller. The 8,454 sq.ft., three-story barn-like structure with mansard roofed addition is occupied by media production and marketing firm Crosswater Digital Media. It was the home of WKBW radio for a number of years. The property totals 0.4 acres in size with a large parking lot fronting Delaware Avenue.
The property is bookended by the Westbrook Apartments and Wilcox House apartment buildings, both ten-story structures. It sits across the street from 700 Delaware, the former Computer Task Group Building Ellicott purchased in 2018 and is now occupied by the NYS Department of Environmental Conservation.
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