RICHARDSON – For the 10th year in a row, both Moody’s and Standard & Poor’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 12 years now, and this is the 10th year in a row the City has received an Aaa rating from Moody’s.
Standard & Poor’s Rationale
In its rationale, Standard & 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, very strong liquidity, and a strong institutional framework.”
Moody’s Rationale
In its rationale, Moody’s said, Richardson’s “strong credit profile is supported by a healthy local economy, favorable resident income levels and historically stable financial position. The credit is further bolstered by a sophisticated, policy-driven management team that budgets conservatively and maintains the city’s financial flexibility and stability, offsetting the below median reserve position.”
Mayor’s Comment
“In Richardson, one of our goals it to effectively and efficiently manage City resources while maintaining and enhancing City services,” said Richardson Mayor Paul Voelker. “We are able to do this thanks to our strong financial position and fiscal management policies, which allow us to continue to make necessary investments in infrastructure, as well as other areas that enhance the quality of life for our stakeholders. We are proud to once again be recognized by Standard & Poor’s and Moody’s and to know that we have met their highest standards for fiscal responsibility.”
Planned Bond Sale
This year the City plans to sell approximately $49.4 million in bonds. This includes $17.4 million for the continuation of the serial sale of bonds associated with projects that are part of the 2015 Bond Program and $32 million for capital needs, which include funds for water and sewer infrastructure improvements, emergency services equipment, information technology equipment, streets, park trails and public facilities including the Public Safety Campus and Fire Station 3.
About the City of Richardson
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.
