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Lincoln County Bonds Rated AA by Fitch

LINCOLN COUNTY, NC-Fitch, an international rating and research agency, has assigned an AA rating to Lincoln County's $7.5 million general obligation bonds.

By Robert Anthony | Updated on October 19, 2000

LINCOLN COUNTY, NC-The Fitch-rated bonds for Lincoln County are scheduled for sale Oct. 24, 2000. This offering is the first installment of a $36-million bond authorization, proceeds of which will fund construction of a new elementary and high school and expansion of existing school facilities. After the current offering, $28.5 million of general obligation school bond authorization will remain, which are expected to be issued by 2002.

Fitch has also assigned an AA rating to the $39.7 million in outstanding debt, the first time the agency has rated the county’s debt. The ratings are based on Lincoln’s strong financial position, low debt levels and diversifying economy, which benefit from its proximity to Charlotte.

The county’s revenue base is somewhat diverse, dominated by property taxes, local option sales taxes and governmental aid. Human services, education and public safety dominate operating expenditures.

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