Richardson Earns Highest Credit Rating From Moody's and S&P

News-Press Release

(Newsbox) 01-Apr-2011

Rating agencies say Richardsonís finances are among the most secure in the municipal bond industry.

(Richardson, Texas) – The City of Richardson was officially informed this week it has received excellent bond rating status from both Moody’s and Standard and Poor’s credit rating agencies. Richardsonhas maintained a AAA rating from Standard and Poor’s for the past three years, and this is the second reaffirmed Aaa rating from Moody’s.

 

Standard & Poor’s Comments

In its rationale, S&P cited Richardson’s “[l]ocation and participation in the Dallas-Fort Worth Metroplex economy, coupled with a sizable economic base of its own, which serves as a primary employment center with the significant presence of technology-based companies; very strong income and wealth levels; strong, tenured, and responsive management; historically very strong financial performance, which is due in part to its strong financial policies and practices; and moderate overall debt levels as a percent of market value.”

 

Moody’s Comments

In its opinion, Moody’s reported its rating was “reflective of a relatively sizable, affluent tax base that derives its value in almost equal proportions between residential and commercial/industrial properties; strong financial management with historical stability demonstrated by consistent fund balances that have been maintained through economic downturns; and a manageable debt position.”

 

Mayor’s Comment

“Fiscal responsibility and frugal use of taxpayer dollars is the first and foremost goal of our community,” said City of Richardson Mayor Gary Slagel. “We’ve had great success in creating a stable environment that helps business grow and provides a high quality of life that retains and attracts residents to the community. Having two of Wall Street’s most highly regarded credit rating agencies give our community their top ranking is further recognition of the success of our work and the work of our City’s management team.”

 

More on Richardson’s Ranking

Moody’s rating places Richardson among the top 6.4% of cities in the nation and 2% of cities in Texas to hold Aaa status. It has given only 4 other cities in Texas the same designation.

Standard and Poor’s AAA rating places Richardson among the top 5.4% of statewide communities, which makes Richardson one of only 17 such recognized communities in Texas.

Richardson successfully weathered the telecom downturn a decade ago. Since then, the City has focused on strategically diversifying its economic development strategy, which has helped during the most recent recession. Evidence of the community’s stability can be found in the City’s relatively strong sales tax figures, consistent property values and long-term strong fiscal ratings from outside examiners.

 

About the City of Richardson

With over 99,200 residents, the City of Richardson is widely recognized for its commitment to excellence, its rich history and its bright future, all of which make Richardson a smart choice for residents and businesses. Known globally for its high-tech business leadership, the City of Richardson also offers a high quality of life, diverse array of neighborhoods, convenient Metroplex location, multi-modal transportation infrastructure and outstanding City services. Richardson has been repeatedly recognized as one of the top places to live and work by the national media, and the City remains dedicated to continuous improvement, as well as to the principles of open government and two-way communications with residents. To learn more, visit www.cor.net

 

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CONTACT: Greg Sowell, Communications Director, City of Richardson, 972-744-4218

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