City of Bellevue receives AA+ credit rating for its Public Safety Department Tax Anticipation Refunding Bonds, Series 2019.
S&P Global Ratings has assigned its ‘AA+/Stable’ long-term rating to the city’s Public Safety Department Tax Anticipation Refunding Bonds, Series 2019, the second highest rating available to municipalities from S&P. An obligation rated 'AA' differs from the highest-rated obligations (AAA) only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.
Bond proceeds will be used to refund its 2012, 2013 and 2014 public safety department tax anticipation bonds for interest cost savings.
In a report issued on March 19, 2019, S&P assigned the city a ‘AA+’ rating with a stable outlook, noting that the city has a strong economy, strong management with good financial policies and practices, strong budgetary performance, very strong budgetary flexibility, very strong liquidity and that the institutional framework score for Nebraska class I and II cities is strong. The rating by Standard & Poor’s indicates the city is a quality borrower with very strong capacity to meet its financial commitments.
The S&P report states, “Bellevue has a history of demonstrating strong budgetary performance with consistent general fund surpluses, resulting in very strong reserves. Strong management, with good financial policies and procedures, supports these results.”
The S&P report also goes on to say, “The stable outlook reflects S&P Global Rating’s opinion of Bellevue’s ongoing stable finances, coupled with its location and participation in the Omaha-Council Bluffs MSA. The outlook also reflects the city’s historically stable finances; strong management; and very strong reserves, providing rating stability.”
City Treasurer Rich Severson said, “This is a very good first-time rating of the city’s bonds. Bellevue has worked hard to build fiscal excellence over the last several years. I look forward to continuing to work with city management to improve the city’s finances and rating.”
“I would like to commend the community, staff, Mayor and City Council on achieving this fine rating,” said City Administrator Jim Ristow. “The ‘AA+’ bond rating will lower financing costs and is also a positive reflection of the city’s management of its financial resources.”