Town of Morrisville issued the following announcement on Apr. 11.
The nation’s three top bond rating agencies—Standard and Poor’s, Moody’s, and Fitch—have reaffirmed the Town of Morrisville’s AAA rating following meetings with each agency in March. The ratings are associated with the issuance of $16.5 million in general obligation (GO) public improvement bonds and $1.1 million in GO public safety bonds planned for an April 26 sale related to the following essential community projects:
- Public Improvement Bonds
- Fire Station No. 3 – Harris Mill Road ($8M)
- Sidewalk Connectivity ($1M)
- Airport Blvd. Extension Phase I ($3.2M)
- Morrisville Community Park Phase III ($2M)
- Parks/Open Space Land Acquisition ($2.3M)
- Public Safety Bonds
- Public Safety Improvement Projects ($1.1M)
“The vitality of our dynamic community and the strong fiscal responsibility demonstrated through Town Council and staff’s management of our operating budget and robust capital investment planning was showcased during our calls with the three credit rating agencies,” said Town Manager Martha Paige. “The reaffirmation of our AAA bond rating is even more critical and gratifying in today’s challenging environment.”
According to Moody’s, the AAA rating reflects the Town's growing and strong tax base, advantageous location adjacent to Research Triangle Park, manageable debt and pension burdens and ample reserve levels.
Fitch cited the Town's strong revenue growth prospects from a growing property tax base, superior inherent budget flexibility, ample expenditure flexibility and a low long-term liability burden.
Standard and Poor’s considers Morrisville’s robust economy, rapidly growing tax base supported by strong income indicators, and very strong fund balance position justification to hold the current AAA rating. Standard and Poor’s expect Morrisville’s current economic, financial and management trends to reinforce its credit quality on a forward-looking basis.
Original source can be found here.
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