FOR IMMEDIATE RELEASE
For More Information Please Contact:
Robin Roland, Finance Director, email@example.com, 651-458-2832
Cottage Grove Maintains AA+ Credit Rating
Cottage Grove, Minn. – April 14, 2017 – The City of Cottage Grove has maintained its AA+ rating from Standard and Poors. AA+ means the City has a strong capacity to meet its financial commitment. AAA is the highest rating.
Items taken into consideration include the City’s:
- Strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
- Very strong management, with strong financial policies and practices under our Financial Management Assessment methodology;
- Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level in fiscal 2015;
- Very strong budgetary flexibility, with an available fund balance in fiscal 2015 of 65% of operating expenditures;
- Very strong liquidity, with total government available cash at 2.0x total governmental fund expenditures and 18.7x governmental debt service, and access to external liquidity we consider strong; and
- Strong institutional framework score.
The City received the affirmation of rating in preparation for the sale of $9.3 million in municipal bonds on April 19, 2017.