City Of Lakeville: Moody's Investors Service Upgrades City Of Lakeville Rating

Press release from the City of Lakeville:

June 24, 2021

Moody's Investors Service has upgraded the City of Lakeville, MN's GOULT rating to Aaa from Aa1 and has assigned a stable outlook. Moody's also upgraded the City's lease revenue rating to Aa2 from Aa3. Concurrently, Moody's has assigned a Aaa rating to the city's $7.9 million General Obligation Bonds, Series 2021C. Following the sale, the city will have $127 million in GOULT debt outstanding and about $7 million in lease revenue debt outstanding.

The rationale behind this upgrade, according to Moody's: "The upgrade to Aaa from Aa1 reflects the City's robust economic and financial performance that were exceptionally resilient throughout the coronavirus pandemic coupled with continued solid management practices that are expected to support strong credit fundamentals over the long-term."

For more information, download the press release (PDF) or contact Jerilyn Erickson, City of Lakeville Finance Director, at jerickson@lakevillemn.gov or 952-985-4481.

This press release was produced by the City of Lakeville. The views expressed here are the author’s own.