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Posted on: November 29, 2018

CITY BOND RATING AFFIRMED

Moody’s has affirmed the City of Brookings Aa3 issuer rating and the A1 sales tax revenue rating. The A1 rating is reflective of the broad base of the city’s sales tax, strong debt service coverage levels, positive sales tax trends, and prudent financial management. The Aa3 issuer rating reflects the city’s moderately-sized tax base that benefits by being the home of SDSU, maintenance of ample reserves, and moderate debt and pension burdens.


Moody’s Investor Services, based in New York, is an independent rating service that analyzes the creditworthiness of governments through a rating system. Their system is considered the industry standard and used extensively by lending institutions to assess several aspects of financial health for units of government.


Moody’s Services further cited low unemployment, a strong and diverse base for both property and sales tax, large and well-managed public enterprise operations, and serving as a regional economic center as vital indicators that are very much in favor of Brookings.


City Manager Paul M. Briseno credited strong leadership by the Mayor and City Council for their great financial decisions. Briseno stated, “I am pleased to hear that the ratings have remained strong. As we look to the future, we have many opportunities to improve the city’s infrastructure. This sustained fiscal responsibility will benefit the city’s financial status.”


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