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. 2, 2009 – 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 late last month.
“The City of Edina is justifiably proud of the bond ratings assigned by S&P and Moody’s,” said City
Manager Gordon Hughes. “They not only speak to the financial capabilities of the City, but also the
uncommonly high quality of life enjoyed by our residents and businesses.”
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 Nov. 2 awarded the sale of $2.44 million in general obligation
recreational facility bonds to make improvements at Braemar Arena. The Council also awarded the
sale of $2.595 million in public project revenue bonds and $6.125 million in taxable public project
revenue bonds (Build America Bonds) for the new Public Works facility.
For more information, contact Finance Director John Wallin, 952-826-0410.
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