Bond agencies again affirm city’s bond rating

News release provided by Lexington-Fayette Urban County Government

Once again, the nation’s two top bond rating agencies, Standard & Poor’s Global Ratings and Moody’s Investors Service, have affirmed Lexington’s AA bond rating with a stable outlook, reflecting no change from the city’s previous rating.

“This rating confirms our commitment to strong and careful fiscal management,” Mayor Linda Gorton said. The announcement means that Lexington will be able to continue to borrow money at a low rate.

Each year, Lexington bonds various capital projects, such as vehicle purchases, paving, and construction. A downgrade in the city’s bond rating would have meant higher interest rates and therefore, higher costs.

The bond rating agency’s report cited Lexington’s presence as a “regional economic center in the heart of Kentucky’s Bluegrass region, anchored by a mix of large employers in both private and public sectors.”

In reaffirming a stable outlook, Standard & Poor’s noted Lexington’s “proactive and conservative financial budgeting practices.” The agency also cited Lexington’s strong fiscal management, and growing economic base. 

Moody’s rating reflects Lexington’s “growing revenues and strong management.” The agency also referenced Lexington’s sound financial position.

News release provided by Lexington-Fayette Urban County Government

https://www.lexingtonky.gov/news/bond-agencies-again-affirm-citys-bond-rating-0