S&P Global Ratings announced the City of Johnston’s general obligation urban renewal bonds will stay at AA+. The bond proceeds will be used for essential corporate urban renewal purposes and will refund the city’s series 2018E taxable general obligation capital loan notes.
“Maintaining a strong credit rating will allow the city to receive more competitive interest rates,” said Teresa Rotschafer, Assistant City Administrator/Finance Director. “As our property tax base continues to grow, this credit rating allows us to continue providing excellent service to our businesses and residents. We are a community that thrives every day.”
According to the report, the general obligation rating reflects our views of the city’s:
- Very strong economy in the Des Moines MSA;
- Maintenance of very strong reserves; and
- Good financial-management policies and practices under our Financial Management Assessment (FMA) methodology, indicating that financial practices exist in most areas but that governance officials might not formalize or regularly monitor all of them.
“We are proud to have a very strong economy here in Johnston with strong businesses and an above-average income,” said Rotschafer.
To view the full report, click here.