The City of Wauwatosa has maintained its Aaa bond rating from Moody’s Investors Service this year and is one of only four Wisconsin municipalities to hold the top rating.
The Aaa rating applied to Wauwatosa’s $12.5 million General Obligation Promissory Notes, Series 2011, and its outstanding general obligation unlimited tax debt. The city’s lease revenue bonds earned a Aa2 rating.
The agency attributed the ratings to a fairly affluent tax base located adjacent to Milwaukee, planned use of reserves to repay a significant tax appeal, prudent financial management and manageable debt levels.
According to the Moody’s report, post-sale, the city will have $52.3 million of general obligation debt and $25.1 of lease revenue debt. The bond sale is scheduled for November 15.
Wauwatosa Mayor Jill Didier attributed the rating to the city’s economic development efforts and strong local economy. The city is currently working on the Milwaukee County Research Park, the University of Wisconsin-Milwaukee Innovation Park and the Burleigh Triangle. It also has planned infrastructure projects.
“In a fiscally challenging time when many municipalities are finding that their bond ratings have been downgraded, the fact that we are able to maintain our strong bond rating speaks to our fiscal strength,” says City of Wauwatosa Mayor Jill Didier. “Earning Moody’s top bond rating enables us to secure funding for municipal lending at the most competitive rates. Our success in fostering economic development and housing developments, creating jobs and maintaining the services our residents have come to expect, has not only made Wauwatosa a desirable place to live, it’s enabled us to retain this coveted rating.”
