Smyrna receives Moody’s Investor rating of Aa3

SMYRNA – Moody’s Investor Service assigned a rating of Aa3 to Smyrna with its forthcoming refunding and restructuring of certain long-term capital debt.
To achieve this rating level, Moody’s defines Smyrna’s public debt as “high quality and are subject to very low credit risk.”
Town staff worked to best position the organization during the rater’s assessment by demonstrating planned investment policies, corrective actions for compliance, recently established administrative processes, and outlined future planned growth.
PFM outlined a potential $1.3 million savings in future expenses in addition to reducing one loan by 13-years.
After review of the initial analysis, the Finance Committee recommended staff’s proposal and town council authorized staff to proceed. During the past two months, staff has worked with PFM, town solicitor, bond counsel, underwriting counsel and Moody’s to proceed to the public market this month.