S&P, Moody's reaffirm highest bond ratings
For the eighth year in a row, the City of Oklahoma City has earned the highest bond ratings possible from two of the nation’s most respected financial rating services.
The City’s general obligation bonds received a AAA rating from Standard & Poor’s and a AAA rating from Moody’s Investor Service in reports released this month.
The reaffirmed bond ratings will apply to the 2018 bond sale, which includes funding for projects in the Better Streets, Safer City infrastructure investment program. The City will sell about $124 million in bonds on March 27, of which about $74 million is for Better Streets, Safer City bond projects. The rest is for the remaining projects in the 2007 bond program.
Strong financial policies and practices, high reserve levels and the City’s role as an economic center are three of the factors that led to Oklahoma City’s strong rating.
“Our top-notch bond ratings are a reflection of Oklahoma City’s sound financial management, and it’s good news for Oklahoma City’s residents and taxpayers,” said Mayor Mick Cornett. “We understand we have a responsibility to our taxpayers to pursue budgetary practices that allow us to meet or exceed service expectations, and keep our bond ratings high and borrowing costs low.”
The reports put Oklahoma City in an elite group of major American cities with the highest ratings possible. The strong ratings allow the City to sell bonds at lower interest rates. The savings allow the City to spend more on bond projects like streets, bridges, sidewalks, trails and park improvements.
To keep up with all the latest accolades about OKC, check out the accolades section of the Greater Chamber of Oklahoma City website.