HomeMy WebLinkAboutAAA and Aaa ratings
Contact: Jennifer Bennerotte, Communications & Marketing Director
Phone 952-833-9520 • Fax 952-826-0389 • Web www.CityofEdina.com
FOR IMMEDIATE RELEASE
Independent bond-rating agencies reaffirm City’s bond
ratings
Edina, Minn., Oct. 7, 2011 – Independent bond-rating agencies Standard & Poor’s and Moody’s
Investors Service recently affirmed their high bond ratings for the City of Edina. Edina is one of just a
few communities in the state with both “AAA” and “Aaa” ratings.
Moody’s Investors Service in 2000 gave the City of Edina its highest rating, Aaa. In 2002, Standard &
Poor’s upgraded Edina’s general obligation bond rating to AAA, the company’s highest rating. The
agencies reaffirmed their ratings earlier this month.
According to its summary Standard & Poor’s rating reflects their view of the City’s:
Participation in the Minneapolis-St. Paul metropolitan area economy and role as a first-ring
suburb in the prosperous Twin Cities western suburbs;
Continued strong financial performance with very strong fund balance levels on a dollar and
percent of expenditure basis;
Evidence of continued strong management practices; and
Manageable debt burden with a rapid amortization schedule.
The high bond ratings help ensure that Edina debt is issued with the lowest possible interest
expense and cost to the taxpayer.
“I think it’s important to remember that a credit agency looks at the entire community when making
a credit rating decision,” said City Manager Scott Neal. “It’s not just that Edina’s city government has
a strong balance sheet, but that we have great schools, great neighborhoods, great employers and
great overall quality of life. I think it’s a designation that residents can be justifiably proud about.”
The Edina City Council on Oct. 4 awarded the sale of $14.55 million in General Obligation Bonds to
finance various public improvements within the City. Proceeds from Series 2011A has two purposes:
to fund various water, sanitary sewer and storm sewer projects and for the City’s Permanent
Improvement Revolving Fund to pay for the 2011 street reconstruction projects.
For more information, contact Finance Director John Wallin, 952-826-0410.
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