Richardson Maintains Highest Credit Rating from Moody's and S&P
For the ninth year in a row, both the Moody’s and Standard and Poor’s credit rating agencies have reaffirmed Richardson’s “Triple A” status, the highest possible rating available for credit worthiness. Richardson has held AAA status from Standard and Poor’s for 11 years now, and this is the ninth year in a row the City has received an Aaa rating from Moody’s.
Standard & Poor’s Rationale
In its rationale, Standard and Poor’s said Richardson’s “Triple A” rating was based on the City’s, “very strong economy, very strong management with strong financial policies and practices, very strong budgetary flexibility, strong budgetary performance, very strong liquidity, and a strong institutional framework.”
In its rationale, Moody’s said, “The Aaa rating reflects the City’s relatively large and affluent tax base that is bolstered by a sizable business district that draws a large daytime population, strong financial management with historical stability in reserve levels, and moderate yet manageable debt burden.”
“The City of Richardson strives for excellence in financial stability and fiscal management,” said Richardson Mayor Paul Voelker. “We are able to attract corporations, both domestic and international, because of our strong fiscal management and strong local economy, and maintain the public’s trust due to our continued investment in infrastructure improvements. We are proud that we once again have met the highest standards set by these third-party credit rating agencies and appreciate their recognition of the City’s strong financial position.”
Planned Bond Sale
This year the City plans to sell approximately $75.9 million in bonds, which includes $40.5 million for the continuation of the serial sale of bonds associated with projects that are part of the 2015 Bond Program and $35.4 million for long-term capital needs, which will include funds for water and sewer infrastructure improvements, emergency services equipment, the Public Safety Campus and Main Street improvements.
About the City of Richardson
The City of Richardson is widely recognized for its commitment to excellence, its rich history and its bright future, all of which make Richardson a smart choice for residents and businesses. Known globally for its high-tech business leadership, the City of Richardson also offers a high quality of life, diverse array of neighborhoods, convenient Metroplex location, multi-modal transportation infrastructure and outstanding City services. Richardson has been repeatedly recognized as one of the top places to live and work by the national media, and the City remains dedicated to continuous improvement, as well as to the principles of open government and two-way communications with residents. To learn more, visit www.cor.net.