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Friday May 29th, 2015 10:37PM

Gainesville revenue bond rating receives rare 2-step upgrade

By Staff
GAINESVILLE - Moody's Investors Service has announced the upgrade of the revenue bond rating for the City of Gainesville from A1 to Aa2, a rare two-step upgrade. <br /> <br /> City officials say this places Gainesville at a "very high rating" on Moody's scale where an Aaa is the highest rating. Only two water and sewer systems in the state are above the Aa2 rating now awarded to Gainesville. <br /> <br /> Moody's report stated, "The upgrade to Aa2 reflects the solid debt service coverage, healthy reserves, low operating ratio, and strong management."<br /> <br /> This upgrade in the City's rating decreases the cost of future borrowing through lower interest rates and issue costs. It also increases the market value of the outstanding bonds currently held by investors. More importantly, the upgrade has a positive impact for the City in terms of economic development. Businesses interested in the City of Gainesville will view the bond rating as an indication of the community's economy and of the City's prudent governance. <br /> <br /> For a complete copy of Moody's report or for additional information, contact Melody Marlowe, Chief Financial Officer for the City of Gainesville, at <br /> 770-535-6898. <br />
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