City Maintains Strong Bond Rating
June 10, 2013
The City of Tallahassee recently received updated ratings on its Energy System bonds from Moody's Investors Service, a leading provider of credit ratings, research and risk analysis. Moody's affirmed the system's current Aa3 rating with a stable outlook. This rating recognizes the City Energy System's strong financial position.
The rating was given based in part on the City's stable service area, history of prudent risk management practices and solid financial management. This high rating is beneficial because it means that the City can receive lower interest rates on future bonds issued by the Electric and Gas utilities.
Moody's rating was given as part of its annual surveillance review of the City's Energy System, which is comprised of the Electric and Gas utilities.
"Just as our residents do around their own kitchen tables, the City of Tallahassee works diligently to manage our finances responsibly," said City Commissioner Scott Maddox, lead commissioner on the Financial Viability Target Issue Committee. "It's great to get a pat on the back and acknowledgment for those efforts; however, sound financial management policies is another reason why time and again Tallahassee has the #1 Public Utility in America."
For more information, please contact the City Treasurer-Clerk's Office at 891-8130.
Jim Cooke, City Treasurer-Clerk, 891-8146; or Michelle Bono, Assistant to the City Manager, 891-8200