Madison’s Aaa Bond Rating Renewed

For the 52nd year in a row, Moody’s Investors Service has assigned the City of Madison the highest possible bond rating. Madison is one of only a handful of Wisconsin communities with a triple-A rating on its general obligation debt. This allows the City to invest in important infrastructure projects at the lowest cost to taxpayers. 

“Madison’s elected leaders and professional staff are committed to best practices and being careful stewards of the City’s finances. Moody’s analysis has consistently cited our strong fiscal management as a decisive factor in its rating,” says City of Madison Finance Director David Schmiedicke. “Our financial reserves also remain healthy, which allows flexibility in our operating budget. This is critical in order for Madison to address urgent needs without jeopardizing our ability to maintain the infrastructure our residents rely on.” 

The Moody’s rating gives investors confidence in the City’s ability to meet its financial and service obligations. Today, the City issued $137 million of general obligation promissory notes through a competitive sale to finance investments approved in its 2025 adopted capital budget, such as bike paths, a new library, an expanded recreation center, and reconstruction and resurfacing of City streets. Interest from investors was high and eight bids were received. 

Moody’s credit analysis states that Madison benefits from a strong and diverse economic base that’s supported by the technology and health care sectors, as well as the presence of state government and the University of Wisconsin's flagship campus. The City’s sustainability plan is also cited as a strength that will allow Madison to adapt “to changing environmental, social, and economic conditions over time.”  

Additional reasons for Madison’s bond rating include its conservative budgetary approach and multi-year capital planning process.