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West Des Moines maintains top Aaa credit rating from Moody’s

Post Date:05/08/2018 9:03 AM
Moody’s Investors Service has announced that the City of West Des Moines will maintain its top Aaa stable credit rating. The top credit rating is important because it allows the City to compete in the marketplace and garner lower interest rates for the repayment of debt.

The Credit Opinion Report issued by Moody’s states that “the City’s primary credit strengths include its favorable demographic profile and well-managed finances that have resulted in both a stable operating history and strong operating reserves relative to budget.”

City Manager Tom Hadden said the Aaa rating is excellent news for West Des Moines residents. “The top rating is a direct result of our ongoing work to balance growth in a fiscally responsible manner,” he said. “Our commitment to doing things the right way puts us in a strong position to attract additional quality development and continue as a regional retail and commercial center.”

The City is planning to issue more than $43 million in General Obligation Bonds next week for infrastructure improvements and various urban renewal projects within the Ashworth Corridor, Coachlight and the Osmium Urban Renewal Areas.

The City maintains a credit rating from both Moody’s Investor Services and Standard & Poor’s rating services, rotating between services for ratings each year. The City’s AAA/Stable credit rating was last affirmed by Standard and Poor’s in July 2017.