Tho CDA, Water Utility and Sewer Utility not quite that high . . .
From David Schmiedicke, City Finance Director:
Subject: City of Madison 2011 Bond Rating
Mayor Soglin and Common Council Members:
As part of the City’s general obligation borrowing scheduled for today, Moody’s has continued the City’s Aaa rating with a stable outlook. This is the highest possible rating an issuer can receive. All of the ratings on the City’s other debt were continued at current levels (i.e., Aa1 / negative outlook — water utility, Aa2 — sewer utility, and Aa2 / stable outlook — CDA bonds).
This rating affirms the City’s sound financial and budget management, conservative debt repayment structure, strong economy relative to the state and nation, and favorable general fund reserve levels. It is a reflection of confidence in your management of the city’s finances, both now and in the future.
The formal rating report from Moody’s is attached.
Please let me know if you have any questions.
Thanks.
Dave
