HomeMy WebLinkAboutAAA and Aaa bond ratings
City of Edina • 4801 W. 50th St. • Edina, MN 55424
Contact: Jennifer Bennerotte
Communications & Technology Services Director
Phone 952-833-9520 • Fax 952-826-0389 • www.EdinaMN.gov
FOR IMMEDIATE RELEASE
Independent bond-rating agencies affirm City’s high ratings
Edina, Minn., Oct. 20, 2012 –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 one of the bond rating reports, Standard & Poor’s considers Edina’s financial management
policies “strong,” indicating that practices are “strong, well embedded and likely sustainable. Edina reports
budget-to-actual performance to the City Council on a monthly basis and maintains a long-term financial
planning model. Other highlights of the City’s financial policy include a thorough process for revenue and
expenditure assumptions, a formal and comprehensive Capital Improvement Plan that is regularly updated and
well-considered debt and fund balance policies.”
The high bond ratings help ensure that Edina debt is issued with the lowest possible interest expense and cost
to the taxpayer.
The Edina City Council on Oct. 16 awarded the sale of $14.87 million in General Obligation Bonds to finance
various public improvements within the City, including water, sanitary sewer, storm sewer and street
reconstruction projects and the Hornets Nest at Braemar Arena.
For more information, contact Finance Director John Wallin, 952-826-0410.
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