A City’s bond rating says something important about a City. While the bond rating may be based primarily on the City’s percevied ability to pay its debts, it’s also a statement by outside third-party experts on the City’s management, financial strength, and its future.
Two weeks ago, the Mayor, Director of Management & Budget Mr. Don Uram, and I traveled to Chicago to make a presentation to Moody’s Investor Services seeking an upgrade of the City’s current bond rating. Eden Prairie’s current bond rating is AA1. We are seeking the highly valued AAA. That’s the best bond rating that Moody’s offers.
We believe, and we hope Moodys agrees, that Eden Prairie deserves the AAA rating. There are only five cities in the state of Minnesota with the AAA rating: Plymouth, Edina, Minnetonka, Bloomington, and Rochester. We want to be the sixth. Our financials are right in there with these communities. We have a solid and diversified local economy.
We are scheduled to sell a little over $4,000,000 in bonds next week. We will get our bond rating for this bond sale sometime between now and a week from today. I’ll certainly update the blog with the rating news, as soon as it comes across my desk.
