10/09/2024 | Press release | Distributed by Public on 10/09/2024 15:29
Published on October 09, 2024
Dedicated Tax Bonds rating receives upgrade, and highest achievable credit rating on General Obligation Bonds is affirmed
Denver - Credit rating agency Moody's has upgraded Denver's dedicated tax bonds rating and has reaffirmed Denver's Aaa General Obligation Bonds rating, the highest credit rating possible. The ratings actions are largely attributable to Denver's large and diverse economy that has continued to grow, the city's strong governance and well managed financial operations, and new methodology from Moody's for all U.S. cities and counties.
The upgrade impacts $815.1 million in outstanding dedicated tax debt.
Earlier this year, the U.S.'s two other primary bond ratings agencies also reaffirmed the City and County of Denver's AAA/Aaa/AAA General Obligation (GO) bond rating with a stable outlook, the highest achievable bond rating for government and corporate bond issuers.
"Denver is pleased our credit ratings continue to benefit taxpayers, through lower and more favorable interest rates," Denver's Chief Financial Officer Nicole Doheny said. "Our dedicated Department of Finance team works hard to ensure we carefully manage the city's finances. I'm proud that Moody's agrees that we continue to operate with a very solid, stable foundation."
Bond ratings indicate the city's credit quality and are used to inform investors of the likelihood the city will repay its debt on time and in full. Bond ratings also impact the interest rates government issuers pay on their bonds.
Moody's provided the following additional reasons for Denver's high ratings:
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About the Denver Department of Finance
Committed to being the best financially managed city and county in the nation, the Department of Finance (DOF) unifies the financial and accounting functions of the City and County of Denver and provides residents easy access to key financial data through Transparent Denver. DOF is divided into the Office of the CFO and seven divisions, including the Assessor's Office, Controller's Office, Budget and Management Office, Capital Planning and Real Estate, Cash and Capital Funding, Risk Management and Worker's Compensation, and Treasury. For more information, visit Denvergov.org/finance.