Bond ratings are an essential component of the marketing process when entities issue debt. They provide a widely accepted measure for investors to evaluate the creditworthiness of the issuer. During previous debt issuances, the City has obtained ratings from Moody’s Investors Service (“Moody’s”) and Fitch Ratings (“Fitch”). Since 2004, the City has been assigned a Aaa rating from Moody’s and since 2001, a AAA rating from Fitch on its’ general obligation debt. Both ratings represent the highest rating that each of the agencies provide.
In anticipation of a $31.88 million bond sale, in June 2017 the City obtained ratings from Moody’s, Fitch, and for the first time, S&P Global Ratings (“S&P”). All three agencies assigned their highest rating to this issue with Moody’s and Fitch reaffirming their ratings on the City’s outstanding general obligation debt. These ratings will ascertain that the City pays the lowest borrowing costs possible when issuing debt.
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