City of West Des Moines issued the following announcement on July 29.
Moody’s Investors Service has announced that the City of West Des Moines will maintain its top Aaa stable credit rating. The top credit rating is important because it allows the City to compete in the marketplace and garner lower interest rates for the repayment of debt.
The report issued by Moody’s says the Aaa rating reflects the city's large and growing tax base as well as the city's “sound financial profile that is characterized by healthy operating reserves, ample revenue raising flexibility and prudent financial management.”
City Manager Tom Hadden said the Aaa rating reflects West Des Moines’ commitment to balance growth and manage the city in a fiscally responsible manner. “Despite all the challenges we’re experiencing from the COVID-19 pandemic, we continue to attract quality development which is good news for our entire region,” he said.
The report also said Moody’s didn’t see any material immediate credit risks for West Des Moines but cautioned that the situation surrounding coronavirus is rapidly evolving and the longer term impact will depend on both the severity and duration of the crisis.
The City maintains a credit rating from both Moody's and Standard & Poor's rating services, rotating between services for ratings each year. The City's AAA/stable credit rating was affirmed by Standard & Poor's in July 2019, but was changed to AAA/negative in April 2020 (as were all other U.S. public agencies) due to the economic impact of COVID-19.
Original source can be found here.
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