The Jefferson County Commission on Wednesday refinanced $138 million in debt, saving the county $14.24 million in what it called a "significant financial improvement."
The refinanced debt included portions of general obligation debt issued in 2003, 2004 and 2013 along with lease payments from a 2006 deal with the county Public Building Authority.
The debt was sold in two series of warrants: Series 2018-A warrants at 2.6 percent interest and Series 2018-B warrants 2.49 percent interest. The debt sale was conducted Wednesday and drew interest from a range of investors, the county said.
The refinancing came after Fitch Ratings upgraded the county's bond rating to AA- and gave the county a "stable" outlook. The ratings agency said the change "reflects material improvement to the county's gap closing capacity due both to increases in reserves as well as improved expenditure flexibility."
Fitch said the rating also considered the county's inability to raise funds without approval from Montgomery and its exposure to "the historically troubled sewer system," which caused Jefferson County's fiscal problems that ultimately led it to file a $4.23 billion bankruptcy in 2011. The county emerged from bankruptcy in 2013.