Richardson Maintains Highest Credit Rating from Moody's and S&P
March 21, 2012
The City of Richardson has received the highest possible bond rating status from both Moody's and Standard and Poor's credit rating agencies. Richardson has maintained a AAA rating from Standard and poor's for the past four years, and this is the third year in a row the City has received a Aaa rating from Moody's.
In its rationale, S&P cited Richardson's technology-based companies, its location and participation in the Dallas-Ft. Worth Metroplex, coupled with a sizable economic base of its own, strong income and wealth levels, tenured management, and moderate overall debt levels.
Moody's reported its rating was based on "a relatively sizable, affluent tax base that derives its value in almost equal proportions of residential and commercial/industrial properties," strong financial management with historical stability, and manageable debt.
"These ratings have become a tremendous source of pride for our community," said City of Richardson Mayor Bob Townsend. "The City Council has placed a tremendous amount of focus on responsible fiscal management, and these ratings by external examiners reinforce that we are making good decisions."
Moody's rating places Richardson among the top 6.6 percent of rated cities in the nation and 2.1 percent of rated cities in Texas to hold Aaa status. It has given only four other cities in Texas the same designation.
Standard and Poor's AAA rating places Richardson among the top 5.3 percent of rated statewide communities, and Richardson is one of only five communities in Texas to hold both a Aaa and AAA rating from both agencies.