INC NEWS - Durham's AAA Bond Rating Affirmed

[Blalock, Amy]

CITY OF DURHAM

Office of Public Affairs

101 City Hall Plaza

Durham, NC 27701

 

 

News Release

 

For Details, Contact:

Amy C. Blalock

Senior Public Affairs Specialist

(919) 560-4123 x 253

(919) 475-7735 (cell)

Amy.Blalock at durhamnc.gov <mailto:Amy.Blalock at durhamnc.gov> 

 

For Immediate Release:  July 16, 2008

 

Durham's 'AAA' Bond Rating Re-Affirmed By Reporting Agencies

'AAA' Designation is Highest Rating Illustrating City's Credit
Worthiness

 

Durham, N.C. - Standard & Poor's, Fitch Ratings, and Moody's Investors
Service have each re-affirmed their 'AAA' bond rating for the City of
Durham.  

 

The 'AAA' debt rating, the highest rating a municipality can receive,
allows Durham to borrow money at the lowest interest rates available.
Durham is one of less than 20 cities nationwide that has 'AAA' ratings
from all three major bond rating agencies.

 

"We are extremely pleased to be cited yet again for our strong financial
performance due to our conservative fiscal management," said City
Manager Patrick W. Baker.  "The 'AAA' rating is a strong indicator for
our citizens that we diligently and efficiently manage their tax
dollars.  Our 'AAA' rating allows us to issue GO bonds and provide our
taxpayers with significant savings on the interest as we work to improve
our community."  

 

General Obligation (GO) bonds are unsecured municipal bonds that
guarantee the payment of interest and principal by the taxing authority
and credit worthiness of the issuer and are utilized to finance
municipal capital projects.

 

Standard & Poor's re-affirmed their 'AAA' rating citing the City's
conservative management practices, resulting in historically solid
financial performances and a sound fiscal position.  Fitch Ratings
re-affirmed their 'AAA' rating citing the City's financial management
and continued "fundamentally sound" operations.  Finally, Moody's
Investors Service re-affirmed their 'AAA' rating the city's healthy
economic position, including a sizeable tax base and diverse local
economy supported in part by a stable institutional presence.

 

Additional information about the City's 'AAA' ratings is available on
Standard & Poor's Web site at www.standardandpoors.com, Fitch Rating's
Web site at www.fitchratings.com, or Moody's Investors Service Web site
at www.moodys.com. 

 

About the City of Durham's Department of Finance

The mission of the City's Department of Finance is to professionally and
prudentially enhance the City's financial position. The department is
divided into two main components, a treasury component and a
controller's component. The treasury component is subdivided into
Treasury Management, Risk Management, and Purchasing. The controller's
component is subdivided into Enterprise Resource Planning (ERP) and
Accounting Services.  For more information about this department, visit
the City's Web site at www.durhamnc.gov/departments/finance.  

 

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