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Moody’s upgrade of city’s bonds could mean cheaper future debt

Post Date:02/07/2018 4:13 PM

For Immediate Release                                                       
Contact: Amy Bolton, Public Information Officer                 
Office:  623-882-7053
amy.bolton@goodyearaz.gov


Moody’s upgrade of city’s bonds could mean cheaper future debt

 

Goodyear, Ariz. (Feb. 7, 2018) – Moody’s, a financial services company, recently upgraded the city of Goodyear’s credit rating to Aa3 after a review of $41.2 million in existing water and wastewater system bonds.

As part of this review, analysts from Moody’s collected information from the city and conducted interviews with finance staff to gain a deeper understanding of the city’s management practices and financial situation. This upgrade from A1/A2 is a one-grade jump for senior debt and two-grade jump for all subordinate debt of the enterprise funds, moving it into the high-grade debt category.

Moody’s credits Goodyear’s strong financial performance, excellent rate management practices, strong local economy with healthy and manageable growth, and strong liquidity as the driving factors. This credit upgrade is an important step in achieving potential decreases in future debt costs associated with a planned surface water treatment plant.

“Through our discussions with Moody’s, we learned that the top item that impressed the ratings committee the most was our council’s willingness to adopt and adhere to a 5-year rate plan that is in place through 2020,” said city of Goodyear Finance Director Doug Sandstrom. Another factor contributing to this credit rating upgrade is the city’s announced collaboration with Salt River Project to introduce surface water to Goodyear’s water portfolio.

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About Goodyear
As one of the fastest growing cities in the United States, the city of Goodyear is poised to rapidly add to the current population of 78,189. Set in the West Valley of metropolitan Phoenix, the city encompasses 191 square miles. Home to a strong, educated and skilled workforce, Goodyear is well-positioned for growth. Featuring an ideal location, major transportation corridors – Interstate 10 and State Route 303 – reliable infrastructure, abundant land and a low cost of living, Goodyear has already attracted many major employers including Amazon, REI, Dick’s Sporting Goods, Macy’s, Subzero and the Michael Lewis Company. As the spring training home of Major League Baseball’s Cincinnati Reds and the Cleveland Indians, fans from across the country flock to catch the exciting action at Goodyear Ballpark. A thriving healthcare corridor, anchored by Abrazo West Campus and Cancer Treatment Centers of America, serves not only the community, but the entire region. Supported by a strong median household income of $69,078 and a median age of 36.7 years, the diverse retail, dining and recreation options offer residents choices to enjoy and support the local community. According to the most recent satisfaction survey, 93% of residents rate Goodyear as a good/excellent place to live.