NRH Maintains Excellent Credit Ratings

The City of North Richland Hills credit ratings remain in the top 2% of municipalities in the State of Texas and the top 10% nationwide.

Moody’s Investor Services recently reaffirmed North Richland Hills’ Aa3 rating, while Standard and Poor’s reaffirmed the City’s AA rating. The credit rating analysts point to the city’s expanding and diversifying property tax base and consistently strong financial performance as reasons for such positive credit ratings.

“We are very pleased with our bond ratings as they are the measurement standard from the financial community that the City has consistently managed its finances and debt in a sound, business fashion,” said Mayor Oscar Trevino. “This is just one more validation that the City is fulfilling its goal of being fiscally responsible.”

The good credit ratings have helped the City to lock in low interest rates. On May 11, 2009 the City received an interest rate of 3.93 percent on $5.7 million in general obligation bonds and 3.89 percent on $6.2 million in certificates of obligation. The bonds will be used to finance street projects approved in the 2003 bond election. The certificates of obligation will be used for NRH20 projects, drainage projects, utility and wastewater projects and the replacement of a fire truck.

City Manager Larry Cunningham said the City Council and staff are to be commended for the strategic planning, leadership and wise use of resources that has contributed to the strength of the City’s financial condition.

“We have told our residents that fiscal responsibility is one of our primary goals,” Mr. Cunningham said. “Our good credit rating and the interest savings we will realize are proof that we are meeting that goal.”