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Cambria earns ‘positive outlook’

Bonds rating increases to A- for county

EBENSBURG — A recent bond rating has graded Cambria County two steps higher and deeming the county to have a “positive outlook” for the future.

S&P Global Ratings raised its former BBB rating on the county’s outstanding general obligation bonds to an A-, and Cambria commissioners said the new distinction will create more financially advantageous opportunities for the county.

“Nobody wanted to do business with us,” Cambria County President Commissioner Tom Chernisky said. “Now we have good credit, and people want to do business with us. If we need to borrow money, we’ll get better rates. This is absolutely huge for us.”

The recent rating is a stark improvement from the county’s grade in 2016, which provided the county with a negative outlook and BB rating.

The county was given a positive outlook in 2019, and the new bond rating is the first time in more than 30 years that Cambria County was given an “A” rating.

“This is a tremendous win for the county, and it’s all about the chemistry that we’ve built,” Commissioner William “B.J.” Smith said. “We started out six years ago with former commissioner Mark Wissinger, and with Scott Hunt now on board, we’ve worked well together and got the job done. It’s amazing to get from where we were to where we are now.”

The county was lauded by S&P for its sustained structurally balanced general fund, with the company noting Cambria County’s five consecutive years of surpluses, resulting in an improved reserve and liquidity position.

Cambria County lowered taxes by 2.5 mills in 2022, which was the sixth-straight year the county either cut or kept taxes level.

The county now operates with a $13.6 million surplus after operating on an $8.6 million deficit a few years ago.

With the fiscal house back in order, county officials said the rating only makes the county a more lucrative business partner.

“We were on the verge of bankruptcy,” Chernisky said. “We wanted to do the budget correctly — not use fictitious numbers to do the budget. Everything we do, we do requests for proposals. We don’t hand-deliver business. We save money that way, and by doing that, people want to do business with us.”

Mirror Staff Writer Calem Illig is at 814-946-7535.

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