In 2004, Morrisville voters approved General Obligation Bonds in the amount of $13 million. These funds will be spent on road improvements, parks and recreation projects, and a town facility to meet our expanding staff needs. In preparation to sell the approved general obligation bonds this year, Morrisville officials visited the two major credit rating agencies, whose ratings measures credit worthiness, and the ability to pay back a loan.
Standard & Poor’s (S&P), upgraded the Town’s general obligation bond rating from A+ to AA- citing strong management, a very impressive planning process and good growth management as the primary positive credit factors. The S&P analyst also said that additional upward movement in the Town’s rating was possible as Morrisville continues to demonstrate its ability to manage growth.
Moody’s upgraded Morrisville to AA3 from an A1, citing strong management, strong economic factors and excellent planning and growth management programs as the primary positive credit factors. They also indicated that additional upward movement in the Town’s rating was possible as the town continues to grow its population and tax base and continues to demonstrate its ability to manage growth. |
