Tuesday, September 20, 2011 - 6:43am
Madison Mayor Paul Soglin announced today that Moody's has again given the city an Aaa rating with a stable outlook. This is the highest possible rating an issuer can receive. Only a handful of Wisconsin municipalities and governments receive the Aaa rating.
The evaluation from Moody's came after presentation of the 2012 capital budget and assurances by the Mayor that the city would reverse the trend of the previous three years in regards to the size of the general obligation debt. This borrowing, for which the Triple A bond rating was awarded, reflects a $60.2 million (42.9%) reduction from what was adopted in the 2011 budget.
In advance of the city's general obligation borrowing on Tuesday, September 20th, this rating affirms Madison's sound financial and budget management and conservative debt repayment structure.
Mayor Soglin said, "This rating is a reflection of confidence in the management of the city's finances, both now and in the future. I am pleased with the rating especially in light of the cuts the city is facing in shared revenues from the state. The city is committed to maintaining this level by curtailing spending in the 2012 budget."Contacts:
- Katie Crawley, 608-266-4611