HomeMy WebLinkAboutAAA and Aaa ratings - November
Contact: Jennifer Bennerotte, Communications & Marketing Director
Phone 952-833-9520 • Fax 952-826-0390 • Web www.CityofEdina.com
FOR IMMEDIATE RELEASE
Independent bond-rating agencies reaffirm City’s bond
ratings
Edina, Minn., Nov. 5, 2010 – 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 last month. The high bond ratings help ensure that Edina debt is
issued with the lowest possible interest expense and cost to the taxpayer.
According to a report of Standard & Poors’ findings, the bond rating agency considers Edina’s
financial management practices “strong. … Other highlights of the City’s financial policy include a
thorough process for revenue and expenditure assumptions, a comprehensive capital improvement
plan that is regularly updated and formal, and well-considered debt and fund balance policies.”
The Edina City Council on Oct. 19 awarded the sale of $8.285 million in general obligation capital
improvement plan bonds to refund those originally issued for construction of City Hall and the
Police facility. The estimated savings by the refunding is approximately $100,000 per year beginning
in the 2011 taxes payable year. The Council also awarded the sale of $2.535 million general
obligation bonds to pay for $2.305 million of the 2010 street reconstruction projects and finance
$230,000 in equipment purchases levied in the 2010 budget under equipment certificates.
For more information, contact Finance Director John Wallin, 952-826-0410.
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