Three years ago, Moody’s came out with a credit rating for Barren County that showed financial issues. The county was given five years to improve that rating.
The rating is an overall financial picture that includes everything from assets, debts, liability and revenue. Barren County has a below average socioeconomic profile, meaning that median family income comes equals only about 79% of that in the US. This, along with narrow reserves, meant the county had challenges ahead when it came to the five years they had to improve it. Making it a little easier, Moody’s did list the strengths of the county as having a stable tax base and modest debt burden.
Two years ahead of schedule, the county’s rating is back up and now considered stable. In the recently released report, Moody’s wrote there was also a significant increase in the labor force of 1000 from 2016 to 2017 and the jail fund is self sufficient.
County treasurer Denise Riddle says that these Moody’s ratings play a huge role on whether or not the county can bond money, should they need it:
Moody’s Investors Service provides international financial research on bonds issued by commercial and government entities. Moody’s, along with Standard & Poor’s and Fitch Group, is considered one of the Big Three credit reporting agencies.