Peoria is gearing up for a financial boost as the city secures sterling bond ratings ahead of a competitive bid set for April 29. In a display of fiscal confidence, Fitch Ratings and Moody's Ratings have handed out 'AAA' and 'Aaa' ratings to Peoria's $84.6 million general obligation (GO) bonds. According to a city press release, these ratings imply that Peoria's bond debt is top-notch with minimal credit risk.
Assuming the City Council throws its support behind the bond issuance at tonight's meeting, the forthcoming funds are earmarked for a suite of public projects, everything from updating the drainage utilities to street and public safety enhancements. City Manager Henry Darwin, following the publication of the ratings, extolled his team's expertise, stating, "Securing these top bond ratings is proof positive that we are managing the city’s finances very well." Darwin didn't hold back on the praise, singing the Finance and Budget Team's praises for their "outstanding work."
Fitch's nod didn't stop at the bond ratings; they also upheld Peoria's Issuer Default Rating (IDR) at 'AA+' and the existing $143 million GO bonds at the glittering 'AAA' status. Moody's echoed this sentiment, reaffirming the city's issuer rating and General Obligation Unlimited Tax (GOULT) bond ratings at 'Aaa', with a special nod to the Vistancia Community Facilities District GO bonds, valuing them at 'Aa2.'
