News List

Print
Press Enter to show all options, press Tab go to next option

City of Atlanta Announces Outlook for Bonds Revised to Positive

Moody's Investor Services revises outlook from stable and affirms Aa2 rating

Post Date:10/13/2014 10:30 AM
Mayor Kasim Reed press release header

 Mayor’s Office of Communications



55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303

Anne Torres, Director 
404-330-6423, office 
404-904-2618, cell 
amtorres@atlantaga.gov

 

FOR IMMEDIATE RELEASE: 10/13/2014

News Release

Thế giới cáCity of Atlanta Announces Outlook for Bonds Revised to Positive

Moody's Investor Services revises outlook from stable and affirms Aa2 rating

ATLANTA – The City of Atlanta announced that it received an upward outlook revision from Moody’s Investor Services, from stable to positive, on its $60 million general obligation bonds. The report assigned the bonds an Aa2 rating, which reflects their high quality and very low credit risk.

Thế giới cá“This positive outlook revision is great news and further proof that the City of Atlanta continues to be a good steward of our financial resources,” said Mayor Kasim Reed. “I have made it a priority to improve the City of Atlanta’s financial health, and I am happy to continue along an upward trajectory.”

Thế giới cáThe report cited strong cash reserve levels, manageable debt burden, and projected growth in the city’s tax base as reasons for the outlook revision. Moody’s also noted Atlanta’s role as a “nationally-important trade and transportation hub” and a “growing economic center in the southeastern corner of the country.”

The City of Atlanta, under Mayor Reed’s leadership, has strengthened its financial position after experiencing the worst economic downturn since the Great Depression. The City has passed five straight balanced budgets, and cash reserves are up to more than $138 million, with that number projected to reach $142 million by the end of the year. Property taxes have not been raised for four straight years, and the FY2015 budget included a rollback in the property tax rate.

“I am happy to see another ratings agency confirm that the City of Atlanta is in good financial health,” said Chief Financial Officer Jim Beard. “Our city’s financial future looks bright, and the Department of Finance will work diligently to ensure that creditors continue to see Atlanta and its bonds as safe and secure investments.”

Thế giới cáIn June, Standard & Poor’s Ratings Services upgraded Atlanta’s general obligation bond ratings from A to AA, with a stable outlook.  

 

###

For more information about the City of Atlanta, please visit http://everafterbox.com or watch City Channel 26. Follow the City of Atlanta on  and Twitter . Follow Mayor Reed on  and Twitter

 

Return to full list >>
View Full Site