Moody’s Investors Service assigned a Aaa to the City of Irving’s $21 million General Obligation (GO) bonds, the highest rating the agency could assign.
Moody’s cited Irving’s strong and experienced management team as well as a stable economy in its decision for affirming the top rating. Standard & Poor’s Rating Services also assigned its top rating, AAA, to Irving’s GO bonds and listed a “strong economy, strong budgetary performance and flexibility, very strong management conditions and a strong institutional framework.” Bond proceeds will be used to refund current debt to take advantage of interest savings and to fund various capital projects, including street and roadway improvements, solid waste and landfill improvements, public safety improvements and facilities, park and recreation facilities and improvements, and public safety voice and data communication radio and network systems.
“Irving’s reputation is one of quality, and these ratings showcase our performance excellence. Top bond ratings translate to significant interest savings, which allow us the flexibility to continually improve our city,” said Irving Mayor Beth Van Duyne. “Those extras attract new growth and put us on the chart as one of the nation’s fastest growing cities in population and employment opportunity.”
Irving’s Water and Sewer bond also received ratings of Aa1 from Moody’s and AA from S&P. The rating agencies said the ratings reflected a deep, diversified economic and employment base as well as strong financial management practices.
Moody’s Investors Services and S&P update the city’s bond ratings on an annual basis or at the time of bond sales. Irving has earned top ratings for its General Obligation Bonds from Moody’s every year since 1986 — a claim few cities nationwide can make.