Hastings financial practices have led to an increase in the city’s bond rating.
The city was awarded a plaque at its city council meeting Monday, Sept. 18 from Jessica Green of Northland Public Finance marking the increase in the city’s bond rating from AA to AA+, a move that opens the city to lower interest rates for borrowing.
“We’re very pleased to get our bond rating improved,” said Finance Manager Chris Eitemiller. “It’s the first time since that 2009 the city’s bond rating has increased, so we’re happy for that. It will help us out with interest rates on future debt.”
Green said the city was given the news this summer when it was preparing for a bond issuance. With the higher bond rating, the city will pay $40,000 less on that particular issuance alone.
“It all adds up over time. There was some nice savings there as a result of that rating increase,” said Green.
She said the city scores well across the board.
“What we saw that really moved the needle this time was the implementation of that long-range planning,” said Green. “They just look so favorably on that long-term planning aspect, rather than just sort of going through the budget process each year. We really do feel like that sort of moved the city across the finish line to get that rating upgrade.”
She also noted that now the city is just “one notch” below the highest rating of AAA.
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Hastings financial practices have led to an increase in the city’s bond rating.
The city was awarded a plaque at its city council meeting Monday, Sept. 18 from Jessica Green of Northland Public Finance marking the increase in the city’s bond rating from AA to AA+, a move that opens the city to lower interest rates for borrowing.
“We’re very pleased to get our bond rating improved,” said Finance Manager Chris Eitemiller. “It’s the first time since that 2009 the city’s bond rating has increased, so we’re happy for that. It will help us out with interest rates on future debt.”
Green said the city was given the news this summer when it was preparing for a bond issuance. With the higher bond rating, the city will pay $40,000 less on that particular issuance alone.
“It all adds up over time. There was some nice savings there as a result of that rating increase,” said Green.
She said the city scores well across the board.
“What we saw that really moved the needle this time was the implementation of that long-range planning,” said Green. “They just look so favorably on that long-term planning aspect, rather than just sort of going through the budget process each year. We really do feel like that sort of moved the city across the finish line to get that rating upgrade.”
She also noted that now the city is just “one notch” below the highest rating of AAA.
