In a move signaling economic optimism for suburban Conyers, Moody's Investors Service has promoted the city's credit rating from A2 to A1. Officials have revealed that the city's $11 million in general obligation debt reflects a stronger fiscal standing, thanks to growing property tax revenues and prudent financial management.
A1 ratings, a notch above previous standings, signify robust financial reserves fed by the expanding tax base. According to Moody's, despite economic headwinds, Conyers has maintained a strong reserve and anticipates sound liquidity. Council Member Gerald Hinesley, chairman of the city's Finance Committee, lauded the upgrade, "The credit rating upgrade by Moody’s Investors Service from A2 to A1 is a significant accomplishment and recognizes the city’s stable financial foundation and improved financial condition during very challenging economic times." Hinesley's remarks were captured in the City of Conyers official press release.
Marking its first in history, this ratings upgrade reflects Conyers' comprehensive financial review, considering population trends, economic activities, and infrastructure investments. Chief Financial Officer Isabel Rogers highlighted the tangible benefits of this upgrade for the city, stating, "A rating upgrade is favorable for the city in that, in the future, if we’re to pursue loans, bonds, etc., we have the benefit of receiving a better interest rate." This commentary from Rogers, outlined in the City of Conyers' public announcement, sheds light on the long-term benefits for Conyers' borrowing prospects.
The ascent to an A1 rating could potentially translate into reduced interest rates on city-borne debts, translating to taxpayer savings. The criteria underpinning this ratings boost included not only the city's financial health but also demographic dynamics and the momentum within sectors such as residential, industrial, and commercial development. More details on Conyers' economic landscape and its fiscal strategies are accessible via the city's official website, at www.conyersga.com or through its Conyers Connect mobile app.
