January 30, 2019
For Immediate Release
City Receives Strong Bond Ratings
SAVANNAH, GA (January 30, 2019) — The City’s stable financial health has led to favorable bond ratings issued recently by one of the nation’s leading credit rating agencies.
Earlier this month, Moody’s Investors Service issued Savannah’s Water and Sewer bonds a rating of Aa1, the second highest rating available. Savannah’s rating is stronger than the median rating of Aa3 for water and wastewater systems nationwide. Moody’s cited the “superlative” financial position and low debt profile of Savannah’s Water and Sewer Fund.
The strong rating comes six months after Moody’s upgraded the City’s general obligation bond rating from Aa2 to Aa1, again the second highest of 10 investment grade ratings issued by Moody's.
“The upgrade to Aa1 reflects the city’s large and expanding tax base based on robust military, healthcare, higher education and tourism sectors, a sound financial position, low fixed costs and long-term liabilities,” Moody’s wrote.
This is a step toward achieving a major goal in City Council’s Savannah Forward Strategic Plan, which calls for the City to attain a Aaa Bond Rating.
Click the following links to read Moody’s General Obligation Rating and Water and Sewer Bond Rating.