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Moody's Upgrades the City's Bond Rating to Aa1
Moody's Upgrades the City's Bond Rating to Aa1
Moody’s Investors Service announced that it has upgraded the rating on the City of Tualatin’s general obligation bonds from Aa2 to Aa1. The City’s full faith and credit obligations rating was also raised from Aa3 to Aa2. Aa rated obligations are judged to be of high quality and are subject to very low credit risk. Aa1 is the highest level in the Aa category assigned by Moody’s. Ratings are published by credit rating agencies, such as Moody’s, and used by investment professionals to assess the likelihood the debt will be repaid, and can potentially allow a local government to borrow at lower interest rates, saving its taxpayers’ money over the life of the bonds.
“We are very pleased to receive this upgrade. This affirms the City’s excellent financial position. Tualatin is a wonderful, thriving community, and at the City we work hard to be good stewards of the public dollars,” said City Manager Sherilyn Lombos. Finance Director Don Hudson who received the news from Moody’s said, “This upgrade is further proof of the City’s solid tax base, as well as the commitment of the Council and City staff to practice good fiscal health policies throughout the year and when putting together our annual budget.”
Moody’s release states, “The Aa1 rating reflects the city’s sizeable, affluent tax base in the Portland metropolitan area which has exhibited robust growth over the past three years as a result of new development and economic recovery. The rating also incorporates the city’s above average wealth levels, strong financial operations and healthy reserves, and a low debt burden and above average pension burden mitigated by a low fixed cost burden.” They noted the City’s strong management team, as well as the City’s very strong financial operations, with reserves slightly higher than both Aa1 rated cities nationally and in Oregon. Moody’s anticipates robust levels of reserves to be maintained going forward.
More information can be found at www.moodys.com
