Moody’s Investors Service has upgraded Macon-Bibb County’s general obligation unlimited tax (GOULT) rating to Aa3 from A1, which is a significant milestone. It has also assigned an Aa3 rating to the county’s Taxable Revenue Bonds (Macon Mall Project), Series 2022, that were issued through the Urban Development Authority. 

“Our financial position continues to improve as we find more effective ways to spend our funds on what the community wants and needs,” says Mayor Lester Miller. “The continued improvement to our ratings shows our community that we are on the right path fiscally, and it will also allow us to do more with the funds we have.” 

According to Moody’s, the rating upgrade reflects continued improvement in the county’s financial position, including its fiscal policies and healthy reserves and liquidity. It also said the outlook for Macon-Bibb is stable, reflecting the expectation that the county’s financial position will remain healthy over the near term, as well as the tax base continuing to benefit from moderate development and its position as a regional economic and employment hub.

The Series 2022 bonds that were assigned the Aa3 rating will be used to finance construction of the new 10,000 seat outdoor amphitheater and the revitalization of the Macon Mall, which include a large indoor pickleball facility, government offices, expanded retail and restaurant properties, and more. 

According to Matthew Arrington, President of Terminus Municipal Advisors, one of the factors that led to the increase was the passage of the Other Local Option Sales Tax (OLOST). That shows the government is less reliant on property taxes and the millage rate, and now has a funding source that is paid for primarily by people that do not live in the county. 

“The OLOST has already begun helping our government better serve the community by helping us get this increased rating and better interest rates, and it will continue to help our community next year when we’re able to give it the largest single millage rate reduction in our history,” adds Mayor Miller.

In 2021, S&P Global Ratings raised its ratings on Macon-Bibb from A to AA-, which was two full notches.