S&P Global Ratings, one of the four primary rating agencies for state and local governments, assigned its third highest rating, ‘AA’ (stable outlook) to the City of Edgerton’s general obligation bonds. This is Edgerton’s inaugural bond rating.
“We have worked hard to build a strong and resilient city government through thoughtful planning and prudent economic development,” Donald Roberts, mayor, said. “We are gratified to see a nationally-known, independent third-party recognize these efforts.”
Among the strengths noted in the S&P report, the city maintains strong financial management practices, including the use of multi-year budget models and long-term capital plans. S&P also recognized the city’s strong liquidity position, noting strong fund balances and positive budgetary performance. S&P noted the positive impact on the community from BNSF Railway’s Logistics Park Kansas City (LPKC) Intermodal Facility and surrounding LPKC Business Park.
The city plans to introduce its new bond rating to the community through an estimated $3.3 million bond offering in support of major wastewater treatment improvements. “We are confident our strong bond rating will attract more investor interest in our financing, producing lower borrowing costs for our sewer ratepayers,” added Roberts.