If the city of Plymouth were a student, it would be acing its classes. Two of the foremost leaders from the bond credit-rating service field, Moody’s Investors Service and Standard and Poor’s, have given Plymouth their highest rating.
A bond credit rating represents the credit worthiness of corporate or government bonds, and this score, according to Moody’s website, judges Plymouth’s capacity to meet its financial commitments “to be of the highest quality, subject to the lowest level of credit risk.”
Only 11 other cities in Minnesota have received the highest possible ratings from both services. Just how did Plymouth get to the top of the class?
“The ratings are a reflection of our financial policies,” Plymouth city manager Dave Callister says. “Being responsible with tax dollars is a top priority, and the ratings attest to that.”
Due to the high ratings, Plymouth can now bond at lower interest rates and pursue bigger projects, such as those for the city’s beautification, for example. One such project is the Northwest Greenway project, a trail connecting to the Medicine Lake Regional Trail and stretching from Lake Camelot to Wayzata High School. The project, in the works for years, will finally conclude in the next three years. The first phase will be east of Vicksburg Lane, the second phase west of Vicksburg.
To finish funding the project, the city issued $3.295 million in bonds. Because of the positive light that Moody’s and Standard and Poor’s have shed on the city’s financial standing, the future looks bright.
