Colleyville, Texas July 14, 2016
The city of Colleyville has maintained its AAA bond rating according to information received from credit rating companies, Fitch Rating and Standard & Poor’s (S&P). The agencies reaffirmed the city’s AAA status for outstanding General Obligation bonds, Tax Increment Finance (TIF) bonds, and the city’s Issuer Default Rating (IDR). The AAA rating ensures the city receives the most favorable rates in financing city projects.
“Colleyville’s AAA bond rating means the city pays less interest on debt, and that saves our taxpayers money and lets us put tax dollars to work more effectively,” stated Mayor Richard Newton.
Both S&P and Fitch termed the city’s financial profile as stable. While the Colleyville City Council rolled back the tiered water rate structure this month, thereby reducing revenue in the utility fund, the measure did not have a negative impact on the city’s AAA bond rating.
The city’s bond rating was increased in 2009, from AA+ to AAA, the highest rating available. The strong credit rating allows Colleyville to borrow money at lower interest rates when the city sells bonds. Colleyville is one of only a few cities in Texas of its size to earn the coveted rating.