The City of Sandy Springs has received a Aaa rating from Moody’s for its planned issuance of $48.5 million in Revenue Bonds. The bonds, backed by the City of Sandy Springs Public Facilities Authority, will fund the construction of a new Fire Station #4, the renovation of Fire Station #1, and the expansion of Fire Station #3, according to the City of Sandy Springs official website.
Mayor Rusty Paul said the strong credit rating lowers borrowing costs and allows the city to invest more efficiently in infrastructure and public safety.
Following this issuance, Sandy Springs will have about $248 million in parity bonds outstanding. The bond transaction is being managed by city finance officials David Cheatwood and Walter Goldsmith of First Tryon Advisors. The city first received its Aaa rating in 2015, which was reaffirmed in 2020.
Moody’s cited the city’s growing and affluent tax base, its location in Metro Atlanta, the presence of corporate headquarters, and ongoing redevelopment as key factors in the rating. The agency also noted the city’s relatively low long-term liabilities, significant reserves, and strong commitment to capital projects, despite limits on raising property tax rates without voter approval.
The revenue bonds received the same high rating as the city’s issuer rating. Sandy Springs has guaranteed that lease payments covering the bond debt service will be backed by the city’s full faith and credit and taxing power.
