|City of Huntsville Receives Wall Street's Top Triple-A Credit Rating for Fifth Year
August 4, 2014
(Huntsville, AL) - The City of Huntsville remains one of the nation's most financially well-managed municipalities. Wall Street rating firms Moody's Investors Service and Standard and Poor's both issued triple-A credit ratings to Huntsville this week for the sixth consecutive time. The ratings come in advance of the City's move to refinance debt obligations valued at about $60 million. Refinancing will save the city about $4 million.
Huntsville Mayor Tommy Battle says the credit ratings reflect the community's economic strength, the City's sound, conservative management, and manageable debt.
"We have worked hard to remain fiscally responsible in a time of shrinking resources," said Mayor Tommy Battle. "We have put our dollars into our most critical needs - public safety, education, infrastructure and economic development - and we are being rewarded with an influx of new industries and expanding businesses that desire a secure, healthy community."
The Mayor says the positive credit ratings are also the result of strong teamwork between his administration and the City Council.
Moody's cites Huntsville's strengths as its stable financial position, above average wealth levels and below-average unemployment, and its large, regionally important tax base with significant government presence. Also key is the City's three-year trend of stabilized General Fund reserve levels, including the continued maintenance of a contingency reserve.
Triple-A is the highest credit rating offered and allows the city to borrow money at more favorable interest rates. The City of Huntsville has earned the rating every year since 2009.
For more information, please contact:
Kelly Cooper Schrimsher, Director of Communications, Office of the Mayor, 256-427-5006 (w), email@example.com
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