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Town of Erie announces Moody’s upgrades for GO bonds and water bonds
Summary
Finance Director Sarah Hancock said Moody’s upgraded the town’s general‑obligation rating to AAA and improved water bond ratings; the town plans a COP sale and will post resident purchase information online after due diligence.
Town Finance Director Sarah Hancock told the council on Jan. 27 that Moody’s upgraded multiple town ratings: the town’s GO bond rating is now AAA, certificates of participation will be rated Aa1, and the water bond rating rose to Aa1 from Aa2. Hancock said Moody’s cited strong financial metrics and positive trends when making the upgrades.
Hancock said the town will proceed to a due‑diligence call and will post information for residents about participating in the COP sale when those details are finalized. "We have some of the strongest financial metrics and financial trends that they've seen in recent years," Hancock said.
Council members congratulated staff for stewardship, noting the upgrade will lower borrowing costs and support future capital projects. The town manager and finance team will continue with the sale preparations and outreach to residents.
