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| Date: |
2/24/2010 |
| Contact Name: |
Marty Dougherty |
| Number: |
712-224-5500 |
City Maintains Favorable AA Bond Ratings
City Maintains Favorable AA Bond Ratings
The City of Sioux City has maintained its favorable AA bond rating as reported by two national rating agencies, Standard & Poor’s and Moody’s Investment Service. Although official notification was received that the John Morrell meat packing plant would close on April 20, 2010 and displace 1,450 workers, Standard & Poor’s and Moody’s noted Sioux City’s location as a regional and economic employment center and said the City is in a strong financial position. Mayor Hobart said, “We are pleased to maintain the City’s good rating. This saves our taxpayers money and supports our bond sales to pay for future capital improvement projects.” Heather Casperson, senior managing consultant for the PFM Group in Minneapolis and financial adviser to the City, added “These are exceptionally good due to the City’s good rating. The higher ranking you have, the more advantageous is the pricing.”
Standard & Poor’s and Moody’s provide evaluations of a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. A favorable bond rating translates into additional savings for the taxpayer. The two agencies classified Sioux City as having low to moderate debt burden.
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