Morrisville AAA Ratings Reaffirmed From Bond Agencies - Key Projects Advance
The Town of Morrisville has maintained AAA credit rating status, the highest bond ratings an organization can earn from all three major national bond rating agencies following meetings with Moody’s, Fitch and Standard and Poor’s. This signifies a stable outlook and a strong embedded financial framework for future sustainability, allowing the Town to borrow money at lower interest rates for essential community projects.
The ratings are associated with the issuance of $10,745,000 in general obligation bonds combined with $3,100,000 in installment financing planned for an October issuance. This is related to street improvements for the Town’s portion of construction cost for Phase II of the NCDOT McCrimmon Parkway Extension and construction of Morrisville Carpenter Road Improvements in addition to renovations for Morrisville Aquatics and Fitness Center (MAFC).
This accomplishment is a significant milestone for the Town and allows the advancement for several important projects that will improve the quality of life for those in and around Morrisville. The MAFC renovation project includes a new pool with glass enclosure, tennis courts, improved facility parking and access and some key facility modifications, and is expected to break ground in late 2018. NCDOT is actively working on Phase II of the McCrimmon Parkway Extension, which is scheduled for completion in 2020. Staff is finalizing design on the Morrisville Carpenter Road Improvement project which is expected to begin construction in late 2018. Residents can see their tax dollars at work with all three projects.
According to Moody’s, the affirmation of the Town’s AAA rating reflects the Town's capacity for continued strong financial performance and stability in the local economy. Fitch highlighted the Town’s superior inherent budget flexibility and control over revenues and spending capacity combined with strong reserves that position Morrisville well to effectively manage through economic downturns. Standard and Poor’s considers Morrisville highly capable to maintain better credit characteristics than the nation during economic stresses.“We were confident in the strength that our financial management and local economy would support the reaffirmation of our AAA credit ratings. This illustrates the dedication to operational excellence that allows Morrisville the means to execute key projects that make a difference for our community,” said Town Manager Martha Paige.