Harrisonville Receives Upgraded Bond Rating
Posted By J.T. on October 23, 2009
The City of Harrisonville has received good news from Standard & Poor, the bond-rating agency, which recently raised the city’s bond rating two steps, taking it from A-minus (A-) to AA-minus (AA-). The announcement was made by City Administrator Keith Moody at Monday night’s Board of Aldermen meeting.
S&P also assigned an A-plus (A+) long-term rating to the coming sale of appropriation-supported and subordinate bonds expected to have a combined total of approximately $9 million. That issuance should take place later this year, and those bonds will be used to reimburse renovation and construction costs related to the Harrisonville Market Place project.
S&P’s upgraded rating is based in part on the city’s strong general fund financial reserves. The agency also noted Harrisonville benefits from the economic diversity of the greater Kansas City area and enjoys adequate wealth and income levels in addition to a stable local tax base.
“This is a tremendous vote of confidence for us from the industry experts,” Mayor Kevin Wood said. “It should aid us greatly as we seek to attract the type of business and development that will make a positive contribution to the future of Harrisonville and Cass County.”
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