Lynne Hermansen
Lhermansen@cherryroad.com
S&P Global bond rating agency has given Edgerton, Kansas an AA credit rating.
They said the city has a stable outlook, its third-highest rating available.
The rating means delete Edgerton has a higher chance to receive lower interest rates when it issues bonds to finance capital projects and help save taxpayers money.
S&P Global’s report highlighted the City’s very strong financial reserves, consistent general fund performance, strong management and good financial policies and practices.
Edgerton’s rating was further bolstered by their strong economy and participation in the diverse metropolitan area, the city said in a press release.
“I am proud to report this high rating to our city council and residents,”Beth Linn, city administrator, said. “It demonstrates our strong financial practices during the significant challenges of the past several years, specifically the COVID-19 pandemic, subsequent supply chain disruptions, and skyrocketing inflation.”
She said the AA rating is a testament to the city’s Finance Department’s hard work and dedication.”
“Our strong bond rating allows us to invest and improve our infrastructure at the lowest possible costs,” Linn said.
The rating report presents a thorough, objective, and independent analysis of the City’s financial operations and credit strength. The AA rating is considered very high and demonstrates very strong creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues. It is one step up better than S&P’s rating for the State of Kansas, which is AA-.
S&P Global expects stability for Edgerton for the next two years from “continued maintenance of very strong reserves buoyed by the expectation of positive revenue trends due to new construction.”