Moodys/S&P affirm Franklins AAA-rating
Franklin officials were notified this week that two financial rating agencies, Standard & Poor’s and Moodys, have affirmed the municipalities triple-A bond rating.
Moody’s Investors Service said the triple-A rating reflects the city’s strong financial
position marked by solid reserve levels, stable and affluent tax base and manageable debt profile, according to a press statement.
Financial ratings are an indicator of both the organization’s financial wellbeing and the community’s economic health.
The rating determines the city’s interest rate when borrowing money or refinancing existing debt.
Franklin began receiving bids this month on two bond issues approved by the Board of Mayor and Aldermen.
The first issue was $7.5 million in tax-exempt capital project bonds to help fund a new public works facility and street and signalization work at Carlisle Lane and Highway 96 West.
The second bond issue was for $10 million in taxable pension funding bonds intended to reduce the unfunded liability of the employee pension plan.
The bond issues, scheduled to be paid through general fund revenues during a 10-year period, are set to close on December 20.
Posted on: 12/20/2013