Wednesday, April 23, 2008
Richardson’s bond rating gets notched up from AA+ to AAA
The more AAAs you have, the better you look. As a city, that is.
RICHARDSON Richardson announced that Standard & Poor’s Ratings Services has upgraded their standard long-term bond rating and underlying bond rating for Richardson’s general obligation debt from the previous rating of "AA+" to "AAA".
That makes Richardson one of only four cities in the state of Texas and one of 88 cities in the nation with an "AAA" rating from Standard & Poor’s.
Several factors are considered when assigning a rating, including the local economy and the strength of the city’s financial and administrative management, as well as various debt ratios.
Richardson sells bonds to finance a major portion of its capital improvements program. A bond rating is a measure of a city’s ability to repay its debt. The higher the bond rating, the lower the borrowing costs.
Source: City of Richardson
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