TALLAHASSEE, Fla. (WTXL) - The City of Tallahassee received strong bond ratings on its upcoming sale of Energy System Revenue Bonds, Series 2018, and its parity debt obligations a news release said.
Strong bond ratings help minimize the cost the Tallahassee pays to borrow funds and demonstrates a confidence in the City’s financial management.
“Our exceptional bond ratings further demonstrate the City’s strong financial standing, benefitting the Tallahassee community now and in the future,” Mayor Andrew Gillum said.
Standard & Poor’s reviewed the Energy System Revenue Bonds, Series 2018, and the parity debt obligations and reaffirmed its AA rating with a stable outlook. The strong rating recognizes “good financial metrics, a deep service area economy and what we view as good management practices,” according to Standard & Poor's credit analyst Scott Sagen.
Additionally, Moody’s Investors Services gave an Aa3 rating with stable outlook to the Energy System Revenue Bonds, Series 2018, and affirmed the Aa3 with a stable outlook on the outstanding parity debt. The Aa3 rating reflects the City’s service area with stable employers, competitive rates, a sound cost recovery system and a consistently strong cash position.
City Treasurer-Clerk Jim Cooke said strong ratings are the result of sound decisions by the City Commission and effective operations by city staff.
“In particular, these ratings reflect financially responsible management practices as noted by both Moody’s and Standard & Poor’s,” Cooke said.
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