SPRINGFIELD TENNESSEE: (Smokey Barn News) – In a move that signals the strength and confidence in the City of Springfield’s financial condition, Moody’s Investors Service – one of the nation’s premier credit rating agencies – has upgraded the City of Springfield from A1 to Aa3, according to city officials.
According to Moody’s, the upgrade reflects Springfield’s growing tax base, stable financial position, and solid General Fund reserves. The City of Springfield has been very fiscally responsible over the past several years with the funds entrusted to it by its citizens, and this fiscal responsibility led to an achievement that will save taxpayers for years to come on the city’s borrowing rates.
City Manager Gina Holt officially informed the Board of Mayor and Aldermen at their specially called budget work session on Thursday, May 10th.
“We are very pleased that Moody’s upgraded our rating to Aa3,” said City Manager Gina Holt. “This is a major accomplishment and testament to the fact that Moody’s has confidence in our financial condition.”
Moody’s issued the rating on May 8 assigning the rating to the city’s $10.15 million General Obligation Public Improvement Bonds, Series 2018. Proceeds from these bonds will be used for much needed public improvement projects such as the extension of Batson Parkway, Martin Luther King, Jr. Park improvements, Phase 3 of the Springfield Greenway, and the city’s contribution to the new airport terminal building.
“Only 21 other cities in Tennessee rated by Moody’s have a higher rating,” said Holt. “We are now considered ‘investment grade’, which means our obligations are high quality and subject to very low credit risk. The higher rating will help us as we go to market for the sale of our Series 2018 Bonds.”
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