Moody's Investors Services upgraded the credit rating of existing Contra Costa County lease revenue bonds to "Aa3," county officials announced earlier this month.
The Oct. 6 upgrade from an "A1" rating follows Moody's implementation of a new rating methodology in July to evaluate credits of state and local government entities in the U.S., county officials noted.
"The upgrade from Moody's is further affirmation that Contra Costa County is well regarded for its financial management and responsible budgetary practices by the financial markets," said Board of Supervisors chair Candace Andersen, whose district includes most of the San Ramon Valley.
The county's issuer rating, an indicator of its general creditworthiness, remains unchanged at a favorable "Aa2," county officials said.
Standard and Poor's last year affirmed its "AAA" issuer credit rating and "AA+" lease revenue bond rating for Contra Costa County citing its "very strong economy" and "very strong management, with 'strong' financial policies and practices," according to county officials. Standard and Poor's originally rated the county as "AAA" in 2012.