Moody’s Investors Services and Standard & Poor’s (S&P) has affirmed Irving’s double AAA rating, one of only five cities in the state of Texas. The city of Irving has held the ratings since 1996. “Responsible fiscal management through lean times allowed us to improve service while cutting expenses,” said Irving City Manager Tommy Gonzalez. “The ratings agencies appreciate our financially conservative approach and reward us for it. We remain focused on our strategic plan and disciplined in our approach.”  When selling bonds for capital improvement projects such as city street repair, library construction, or parks enhancements, the top rating allows the city to save money by receiving the lowest interest rate possible. Irving’s April financings received very favorable ratings.  The interest rate on the General Obligation Refinancing was 1.375%.  The interest rate on the Bridges of Las Colinas Certificates of Obligation was 2.859% and the rate on the Ranchview Certificates of Obligation was 2.769%.  These favorable interest rates allow the City to maintain a low property tax rate and illustrate the importance of maintaining our AAA bond rating.

 

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