Moody’s Investors Service has placed the credit rating of Faribault County as “uncertain” pending the submission of its 2017 audit.
Moody’s issued a statement Wednesday saying the county was one of four local government agencies nationwide — and the only one in Minnesota — whose credit rating was tagged that way.
“If Moody’s does not receive such information over the next 30 days, we will take appropriate rating action which could include the withdrawal or lowering of the ratings,” wrote Amy Marks, a lead analyst with the rating service in Chicago.
John Thompson, the county’s auditor and treasurer, said he’s not worried.
The county’s independent audit was done by the State Auditor’s Office, which pushed it to the end of the line because the Faribault County didn’t get more than $600,000 in federal money in 2017, Thompson said.
“We’ve got a fine audit coming. It’ll be — what’s the word they use now — ‘unqualified,’ ” he said.
Thompson said he expects the audit to be released within a couple of weeks.