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Water and Sewer Bond Rating Increase

05/13/2009

City Bond Rating Rises

Standard and Poor’s rating agency recently completed the underlying rating of the City’s outstanding Water and Sewer System Revenue Bonds. After the review, the ratings on these bonds were increased from an "A" rating to a double "AA" rating and affirmed a stable outlook. The City is in the process of issuing $8,200,000 in Water and Sewer System Revenue Bonds. This issue was also assigned a rating of "AA". Bond ratings traditionally affect the interest rates bid on bonds. Therefore, an increased rating for the new issue will result in lower interest rates demanded by investors which will translate to lower overall interest costs to the City.