Economic development helps secure Hancock County’s AA+ S&P rating

HEDC initiatives support growth, according to report

S&P Global Ratings assigned its ‘AA+’ rating to Hancock County in three key areas, attributing much of that success to economic development initiatives.

The credit rating agency granted the rating to the County’s roughly $6.5 million series 2025 general obligation (GO) bonds, as well as its existing GO debt, and the Hancock County Redevelopment Commission’s series 2025 redevelopment district lease-rental bonds.

The rating report notes Hancock County is one of the fastest growing counties in Indiana.

“We recognize significant economic development initiatives have supported this growth, primarily in the logistics sector due to its favorable location along Interstate 70, Indiana's primary east-west corridor,” the report states. “The county continues to advocate for workforce-development initiatives to support high-tech job growth, including Amplify Hancock, as well as grant-funded transportation and utility infrastructure investments to enhance site readiness and attract additional investment.”

S&P’s report notes challenges Hancock County faces, but also highlights economic buffers like the opening of Walmart’s largest fulfillment center, Amazon’s fulfillment centers, and the development of 33 industrial buildings over the past six years.

“Therefore we expect county job growth associated with ongoing development will likely continue to boost higher economic output, which we incorporate in our analysis,” the report states.

Those 33 industrial buildings span over 18 million square feet and total over $900 million in assessed value.

Many of those buildings were developed on speculation in the Mt. Comfort area in western Hancock County amid the COVID-19 pandemic. And while the economic fallout resulting from that crisis challenged securing occupants for some of those buildings, brokers and builders active in the area report an upswing in activity and optimism toward the coming year.

In the last month, Walmart and Amazon have purchased buildings spanning at least 1 million square feet in western Hancock County to expand their operations. A Cushman & Wakefield analysis reports the Mt. Comfort industrial market has a vacancy rate of 25% as of October 2025--continuing an improving trend from 39% in July 2023, 35% in April 2025, and 29% in September 2025.

The report also praises the sound budgeting and financial management of Hancock County Government, which intends to use the series 2025 GO bond proceeds for various capital projects.

“The rating reflects our view of the county’s robust reserves and steady financial performance,” the report states.

Read the full report

Learn about Opportunity in Hancock County

Pictured above: Mt. Comfort Logistics Center