The City of Irving’s general obligation credit ratings were affirmed at “Aaa” by Moody’s Investors Service and “AAA” by S&P Global. Both ratings are the highest credit ratings possible and assure that the city can obtain the best interest rates available.
"The City of Irving has worked hard the past few years to address employee pensions,” Irving Mayor Rick Stopfer said. “We are in great shape financially and the solid credit ratings mean significant savings for residents now and in the future."
This is the 34th year for the city to receive the Aaa and AAA rating from both rating agencies.
In addition, S&P Global upgraded Irving’s general obligation (GO) debt to stable as a result of the city’s sound financial management practices, including recent steps to address employee pensions. S&P noted in its report, “Irving’s GO bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress situation.”
The credit agencies cited Irving’s strategic location, its significant commercial business presence and healthy reserves as strong attributes contributing to top ratings.
Both agencies also commented on Irving’s sophisticated and experienced management team, as well as ongoing economic development that drives strong tax-base growth as positive indicators.