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Moody's affirms AA2 rating; council receives notification
Summary
Advisers reported Moody's Investor Services affirmed the city's AA2 rating, citing strong reserves, growing revenues and stable debt burden; the council voted to receive the notification.
Advisers told the council that Moody's Investor Services had "affirm[ed] the double a 2 rating on the outstanding debt in addition to the bonds that were just awarded by resolution." The AA2 rating was described as the third-highest Moody's assigns, and the report cited the city's strong financial reserves, growing revenues and stable management of debt as factors that support the rating and lower borrowing costs.
A councilor moved to receive the notice from Moody's and the council approved the motion by voice vote. Council members thanked staff and advisers for their work in preparing for the rating conversation and the bond sale.
