For the fifth year in a row, both the Moody’s and Standard and Poor’s credit rating agencies have reaffirmed Richardson’s “Triple A” status. Richardson has held AAA status from Standard and Poor’s for seven years now, and this is the fifth year in a row the City has received a Aaa rating from Moody’s.
Standard & Poor’s Comments
In its rationale, S&P cited Richardson’s strong economy, robust budgetary flexibility and performance, very strong management, and responsible financial policies.
Moody’s rationale reported its rating was based on strengths that include a diverse tax base due to the city’s location in the Dallas/Fort Worth metropolitan area, favorable socioeconomic profile, and standing as a regional employment center second only to Dallas Central Business District in the DFW area.
“We are very pleased to see this continued third party recognition of our financial stability,” said Richardson Mayor Laura Maczka. “Responsible fiscal policies ensure our ability to maintain community trust, infrastructure investment, and sustainable growth, and we are committed to continuing to challenge ourselves to run more efficiently and effectively to make the best use of tax payer dollars.”
Planned Bond Sale
Every year, the City sells bonds to fund replacement of capital equipment and infrastructure improvements. This year the City plans to sell approximately $7.9 million, which includes funding for a new dog park, next generation 911 communications system and other long-term capital needs.
More on Richardson’s Ranking
Moody’s rating places Richardson among the top 6.1 percent of rated cities in the nation and 2.8 percent of rated cities in Texas to hold Aaa status. It has given only six other cities in Texas the same designation. Standard and Poor’s AAA rating places Richardson among the top 5.8 percent of rated statewide communities.
Richardson is one of only six communities in Texas to hold "Triple A" ratings from both agencies.
About the City of Richardson
With approximately 100,000 residents, 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.