Moody's Assigns Aa1 Rating to Bonds to Be Issued Next Month
Moody's Investors Service on July 26 announced it had "assigned a Aa1 rating to the Town of Garner's $4 million General Obligation [GO] Public Improvement Bonds Series 2018," which are slated to be issued in August.
Moody's also said it "maintains the Aa1 rating on the Town's $28.3 million of general obligation debt outstanding." The rating agency had upgraded the Town's bond rating from Aa2 to Aa1 in April 2017.
"The Aa1 rating incorporates town's consistently strong financial position bolstered by conservative fiscal policies, a growing tax base benefitting from its proximity to the City of Raleigh (Aaa stable), and manageable debt and pension burdens," Moody's said in its ratings rationale statement released on July 26. "The rating also reflects slightly below average resident wealth levels relative to the national median for the Aa1 rating category."
Standard & Poor’s Global Ratings on July 19 boosted its long-term rating on the Town's GO bonds from AA+ to AAA. (Read the S&P report here.)
The Town plans to issue just over $4 million in GO bonds in the coming weeks to help finance the next round of bond projects including greenway extensions, roadwork and other projects. For more on the Garner Bond Program, visit garnerbonds.com.