News and Articles

 S&P Global Ratings Confirms AAA Bond Rating on County’s New and Outstanding General Obligation Bonds

Santa Fe, NM - The Government Finance Officers Association (GFOA) has awarded its Certificate of Achievement for Excellence in Financial Reporting to Santa Fe County for its annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2022.  At the same time, S&P Global Ratings has assigned a AAA rating to the County’s new $25 million general obligation bonds and confirmed its AAA rating on the County’s outstanding general obligation bonds.

According to the GFOA, the County’s Fiscal Year 2022 ACFR has been judged by an impartial panel to meet the high standards of the Certificate of Achievement for Excellence in Financial Reporting Program, which includes demonstrating a constructive "spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the report.  The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

In tandem with the Certificate of Achievement, Santa Fe County's Finance Division, led by Finance Director Yvonne S. Herrera, has received the Award of Financial Reporting Achievement (AFRA). 

AAA is S&P’s highest rating, and the County’s general obligation bonds are rated higher than the debt of the United States.

In confirming the AAA general obligation bond rating, S&P Global Ratings highlighted:

Extremely strong property wealth and stable population, with a large government presence and a local economy focused on tourism;

Addition strength in other revenue streams, namely the County’s gross receipts tax, which has categorically shown a full rebound post-pandemic;

Proactive management team, with high budget oversight; and

Good financial management assessment (FMA), highlighted by conservative assumptions and oversight and robust financial policies. 

“Financial accountability and budgetary oversight are bedrocks of good governance,” County Manager Gregory S. Shaffer said.  “The GFOA award and AAA bond rating confirms the County’s commitment to both.” 

Shaffer specifically noted the leadership of the Board of County Commissioners and dedicated service of Ms. Herrera and her Finance Division team.  “Our elected leaders appropriately receive the spotlight.  But government cannot function without the dedicated, tireless, ethical, and often unseen work of public servants like Yvonne and her team.”

For media inquiries regarding the excellence in financial reporting award and AAA bond rating, please contact Olivia Romo, Communications Coordinator at orromo@santafecountynm.gov

###