City of Iowa City earns Aaa bond rating for 53rd straight year

Moody's Investors Service has awarded the City of Iowa City the highest credit rating possible, an Aaa bond rating, for its outstanding general obligation debt.

The City has maintained an Aaa rating since November 1973. The top tier Aaa rating ranks Iowa City among the most financially stable cities in the state of Iowa and the nation. Iowa City is one of three cities in Iowa to maintain a Aaa rating and one of the 268 cities nationally.

The Moody's rating is used by banking authorities and investors to evaluate the potential risk of loans, bonds, and other financial transactions with municipalities and other governmental entities. A top rating by Moody's, a global market rating agency, represents the least amount of risk to investors. Moody's rating indicated a strong rating due to "strong local economy, and very strong fund balance and cash reserves." For Iowa City, it also represents financial savings for the City and taxpayers due to lower interest rates on loans for municipal projects.

For more information, contact Nicole Davies, City of Iowa City Finance Director, at 319-356-5085 or [email protected].