The City of West Des Moines earns a top credit rating. | Pixabay
The City of West Des Moines earns a top credit rating. | Pixabay
The City of West Des Moines will maintain its AAA stable credit rating, according to Moody's Investors Service.
This top rating will allow the city to remain competitive in the marketplace and secure lower interest rates for the repayment of debt.
Moody's report said the rating reflects the city's large, growing tax base and city's solid financial profile.
“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,” Tom Hadden, city manager, said according to a West Des Moines press release.
Hadden said the city is committed to balance growth and manage finances responsibly.
Moody's also reported that there was no immediate material credit risk for the city but the ever-evolving coronavirus crisis could change that.
The city alternates between Moody's and Standard and Poor's credit rating systems. The city's AAA stable rating was verified by Standard and Poor in July 2019, but was downgraded to AAA negative in April 2020, as were the rest of the nation's public agencies, due to the impact of coronavirus.
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