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Moody’s Investment Service announced Monday that they upgraded Peachtree City, GA's issuer rating to Aaa from Aa1. They also upgraded the general obligation unlimited tax (GOULT) rating on the city's outstanding stormwater and sewer system bonds to Aaa from Aa1.
“The upgrade of the issuer rating to Aaa reflects the city's growing economy, strong financial position, and declining leverage,” Moody’s stated. “Fund balance and cash reserves have grown steadily over the last four fiscal years, bolstered by Special Purpose Local Options Sales Tax (SPLOST) revenues. The trend of improving operating performance is likely to continue through fiscal 2023, supported by strong property and sales tax collections.”
“Securing the highest possible rating from Moody’s is a testament to the fiscal responsibility we practice here in Peachtree City,” Mayor Kim Learnard said. “We are incredibly grateful to our financial services director, Paul Salvatore, and his entire team for their hard work managing the city’s money.”
The Aaa rating from Moody’s represents an independent evaluation of Peachtree City’s financial strength and ability to repay a bond’s principal and interest. Much like a good credit score, an Aaa rating allows Peachtree City to issue bonds at relatively lower interest rates.
Peachtree City previously received a AAA credit rating from Standard & Poor’s in 2008. Standard & Poor’s renewed the high rating in 2011, even as the Fayette County municipality battled the Great Recession’s effects.
Click here to read the full press release: https://peachtree-city.org/.../PTC-AAA-Rating-Press-Release
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