For the 15th year in a row, both Standard & Poor’s and Moody’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 & Poor’s for 17 years, and this is the 15th year the City has received an Aaa rating from Moody’s.
The ratings help Richardson continue to receive the lowest interest rates possible as investments are made and bonds are sold. This year, the City plans to sell approximately $67.5 million in General Obligation Bonds, including funding for street improvements, municipal public buildings, parks, sidewalks and drainage projects. Plans also call to issue approximately $21 million in Certificates of Obligation to help fund water and sewer projects, equipment, and renovations to the Library.
To attain “Triple A” status, the City must meet stringent fiscal performance and control standards across multiple factors, including financial stability, capacity to fulfill debt obligations and economic conditions.
The City of Richardson sells bonds on an annual basis to fund large public projects, like roads, water mains, fire trucks, and other infrastructure and equipment purchases. The bond sales allow the City to address immediate needs and manage financial resources in a way that balances current obligations with future benefits.
Press Release: Richardson Maintains Highest Credit Rating From S&P and Moody’s for 15th Consecutive Year | News | Richardson, TX (cor.net)
