Brunswick County officials announced Thursday that Moody’s Investors Service has affirmed its Aa2 general obligation bond rating, stating the county has a “very high quality credit position.” 

Obligations rated Aa2 are judged to be of high quality and are subject to very low credit risk, according to Moody’s summary of its rating symbols and definitions.

In its ratings announcement, Moody’s noted the county’s “robust” financial position and “small pension burden with an exceptionally low debt liability,” according to a news release from the county, which also quoted Moody’s as saying that Brunswick County has a “very strong economy and tax base overall.”

Moody’s first issued an Aa2 rating for the county’s general obligation bonds in March 2013 and has not changed it since, according to the firm’s online records.

County manager Ann Hardy said she welcomed the news.

“We are pleased that after a thorough review of the County’s policies and financial standings, Moody’s has affirmed Brunswick County’s general obligation bond rating at Aa2,” Hardy said in the release. “This is a great report and reflective of the Commissioners’ conservative financial policy.” 

Bond ratings are an indication of the county’s creditworthiness, and are similar to an individual’s credit rating as shown when applying for a mortgage or car loan, the release stated, adding, “Positive ratings reflect a stable situation currently, and bode well for the county with future projects and loans.”

A favorable rating for a governmental entity, like that for an individual, means that it costs the entity less to borrow money because it can negotiate lower interest rates.