FOR IMMEDIATE RELEASE: Aug. 9, 2013
Moody’s Investors Service and Standard and Poor’s Ratings Services have affirmed the ratings for the City of Kansas City, Mo.’s outstanding general obligation bonds at Aa2 and AA, respectively. Both agencies affirmed the ratings with a stable outlook.
At the same time, Moody’s and Standard and Poor’s affirmed the ratings on the City’s appropriation-backed debt at A1 and AA-, respectively. The ratings apply to the upcoming issuance of special obligation bonds, which may be priced in early September. The planned bonds will be issued in two series; Series 2013B will be tax-exempt and Series 2013C will be taxable.
“The City has made a concerted effort to improve its financial position and adopt policies to ensure that improvement continues. These ratings reflect that effort and will assure that we get the best interest rates as we seek to prudently make needed investments throughout the City,” said Mayor Sly James.
Kansas City’s excellent bond rating continues to save taxpayer dollars on projects important to residents. Higher credit ratings present the opportunity for millions of dollars in savings over the life of a bond.