The City of Waterloo sold bonds Wednesday. Moody’s Investors Service has assigned an Aa2 rating to the City of Waterloo, IA’s $5.7 million General Obligation Bonds, Series 2022B and $4.3 million Taxable General Obligation Bonds, Series 2022C. Moody’s maintains the Aa2 rating on the city’s outstanding general obligation unlimited tax (GOULT) debt. Following the sale, the city will have approximately $117 million in GOULT debt.
The $5,685,000 Series 2022B tax-exempt issue was sold at a tax-exempt interest rate of 3.26% for a 15-year term. The taxable $4,315,000 Series 2022C issue was sold at an interest rate of 4.10% for a 15-year term.
Moody’s Investors Service announced that the City of Waterloo maintained its bond rating at Aa2 for the thirteenth year. This designation indicates that the City’s bonds are ranked in the high range of the upper-medium-grade category.
Mayor Quentin Hart, Chief Financial Officer Michelle Weidner and Noel Anderson, Community Planning and Development Director met with Moody’s Investors Service to present current City financial and economic information and to discuss the City’s bond rating earlier this year.
“We are pleased with the Aa2 rating. It demonstrates the City’s commitment to fiscal responsibility and sound business practices,” says Mayor Hart.
The bond rating helps potential investors to determine the risk they take if they choose to invest in City bonds.
According to Moody’s, the City of Waterloo rating was based on its overall financial condition. Moody’s stated that the city’s well-managed finances have resulted in a stable operating history and maintenance of healthy reserves.
*Click here to for more details from a release issued by Moody’s Investor Services.
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