Huntsville scores dual triple-A credit rating for the 12th straight year
Published on October 14, 2020
HUNTSVILLE, AL – The City of Huntsville received its annual credit rating scorecard and earned the highest marks possible. For the 12th time in 12 years, since Mayor Battle first assumed office, Moody’s Investors Service and Standard & Poor’s Rating Services awarded Huntsville triple-A credit ratings.
Triple-A is the highest mark a city can achieve and is awarded to a minority of government entities in the nation. Only 1 percent of 19,502 cities and counties receive the top ratings from both entities.
The credit rating agencies cited the strength of Huntsville’s economy, which is considered broad and diverse. Strong City management with strong financial policies and practices and budget flexibility were noted as consistent qualities in the credit rating. They point to a robust economy mentioning several key developments in the City along with expansion of existing employers. “Despite the onset and continued impacts of the pandemic, the local economy remains stable.” They noted the community’s above average wealth, below average unemployment, strong regional tax base and Huntsville’s position as an economic engine for northern Alabama.
“Huntsville continues to show its strength in conservative fiscal management and a thriving economy,” said Mayor Battle. “I am grateful to my outstanding Administration and to our elected Council Members for supporting a responsible, balanced budget and prudent investments that make Huntsville a great place to live and a great place for business.”
City Finance Director Penny Smith says this recent rating was set for the City to refund/refinance over $100 Million in warrants, which will provide average savings of over $1.5 Million in interest per year over the next 10+ years.
For more information, contact Kelly Schrimsher, Director of Communication, 256-427-5006, Kelly.Schrimsher@HuntsvilleAL.gov