Standard and Poore's Gives OKC AAA Rating

Here is an announcement from the beginning of April. Way to go OKC!

********************************
Standard & Poor’s rating service announced yesterday that they raised Oklahoma City’s General Obligation debt rating from AA+ to AAA, putting Oklahoma City in an elite group of the best municipal credits in the marketplace.

A few of the factors that contributed to Oklahoma City’s high rating include:
• Oklahoma City’s expanding regional economic base
• Ongoing downtown redevelopment
• Consistently strong financial performance and position that includes strategic business planning, multi-year forecasts, balanced budgets, long term capital plans and compliance with reserve policies
• Conservative financial management practices
• Low debt and an affordable capital improvement program
• Political and management stability

The high ratings mean lower interest rates the City pays to sell bonds to fund major capital projects like streets, bridges, buses, sidewalks and trails and park improvements. The less the City pays in interest the more there is to spend on bond projects.

The high rating also showed the national bond rating agencies’ confidence in the City’s investment climate.
Other Cities of our size or larger with a AAA rating include Phoenix, Austin, San Antonio, Denver, Indianapolis, Minneapolis, Charlotte, Columbus and Seattle.

Moody’s Investor Service has affirmed its rating of Aa1 for the City’s General Obligation Bonds.
Bond ratings are issued before a city, state, or other public body can issue bonds to finance major capital projects. The City’s next bond sale will be April 7, 2009.