Ind. — Vigo County’s credit rating has been lowered by Standard and Poor’s from AA- to A+, with the agency citing concerns about financial reporting and oversight
Vigo County Auditor Larry Hutchings spoke about what the lowered rating means for the county.
The financial reporting issues flagged by S&P date back to before 2025, before Hutchings took office. One of the biggest concerns is the county’s GAAP reporting. S&P said Vigo County stopped completing annual financial reports using generally accepted accounting principles, or GAAP, after 2022.
Hutchings said, “So when I first came into office January 1st of 2025, we walked into a mess. We found out three days after I got in here that there was a, they had not had an annual financial report for two years, and they had not had a GAAP processed since 2022. I’m not here to slam anything that happened here before other than the fact the job wasn’t getting done.”
S&P Global Ratings Report — Vigo County, Indiana
The agency also pointed to uncertainty surrounding the Vigo County Jail and the Vigo County commissioners’ recent request to the county for funding assistance on their school consolidation plan.
Hutchings said, “But they did mention that, you know, the jail, overcrowding situation, the school ask from the commissioners and the oversight committee.”
S&P’s report stated: “The county has exceptional liquidity, both in funds we consider operating funds and in others specifically tethered to the jail, which could be used to pay down existing debt, cash fund large portions of a potential expansion, or address potential litigation, all of which should allow the situation to be resolved without having a significant negative impact on the operating or debt position.”
Asked whether the lowered credit rating means Vigo County is having financial issues, Hutchings said, “Absolutely not, it does not mean the county is having financial issues.”
Hutchings said Vigo County is nearly finished catching up on all of its GAAP reporting. He said his goal is for the rating to return to what it was, or improve further.
Find the full S&P report here.
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