For the 12th 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 14 years now, and this is the 12th 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, and very strong liquidity.”
In its rationale, Moody’s said, the rating reflects the City’s “large and affluent base that is anchored by a sizeable business district that supports its position as the second largest job center in the Dallas metropolitan area.” Moody’s also praised Richardson’s “solid financial management with a long and established history of strong operating performance contributing to favorable reserves.”
“We pride ourselves on maintaining our City finances in a way that focuses on our core services,” said Richardson Mayor Paul Voelker. “This last year was not easy, but our strong financial position and fiscal management policies have allowed us to continue to offer services that enhance our resident’s lives while still providing a strong return on investment for all our stakeholders. Receiving this recognition from both Standard & Poor’s and Moody’s for the 12th consecutive year is an honor and should allow us to continue to invest in critical areas such as infrastructure and public safety”
2021 Bond Sale
This year the City plans to sell approximately $15.5 million in General Obligation Refunding and Improvement bonds as well as nearly $35.2 million in Combination Tax and Revenue Certificates of Obligation and just over $5.8 million of Tax Notes. The sale will provide funds for projects approved by voters in the 2015 Bond Program as well as short- and long-term capital expenses, including general infrastructure improvements, information technology, fire and solid waste equipment and water and sewer infrastructure.