Second Ratings Services Gives City Outstanding Rating In Two Days
The City of Greenville has once again earned an Aa2 credit rating from Moody’s Investors Service, this time for the upcoming sale of the General Obligation Public Improvement Bonds. Moody’s has also affirmed the Aa2 rating on $42.7 million of previously issued debt.
Moody’s cited the City’s strong financial position with healthy reserves, a strong General Fund balance and the policy to maintain a General Fund balance reserve of no less than 14%. The agency also cited the city’s stable economy, supported by the presence of East Carolina University and Pitt County Memorial Hospital.
Mayor Pat Dunn said, “We are so pleased that Moody’s has again recognized the City for its sound fiscal policy adopted by past and current City Councils. Moody’s also noted the City’s debt continues to be very manageable with most debt retired within the next 10 years.”
The Aa2 credit rating means that the bonds about to be issued are judged to be of high quality and are subject to very low credit risk. This news comes on the heels of a Standard & Poor’s AA rating yesterday. Greenville residents will benefit from this rating by receiving a lower interest on the bonds to be issued in the future.
For more information, please contact Financial Services Director Bernita Demery at 252-329-4444.
### COG ###