City of Grain Valley Credit/Bond Rating Upgraded

Staff Admin City News

City of Grain Valley Credit/Bond Rating Upgraded

The City of Grain Valley received positive and encouraging news at a recent Mayor/Board of Aldermen meeting held on Monday, March 24, 2014.  After the City’s recent review of credit related obligations, the City’s Financial Advisor and Senior Vice President of Springsted Incorporated, Tom Kaleko, presented the City with a revised credit rating notification.  Within that notification, the City’s credit rating was raised from “A+” to “AA-”.

The improved credit rating reflects some of the city’s strengths, including “the City’s management conditions as strong with good financial practices”, “strong budgetary flexibility,” strong cash and short-term investments.  Moreover, Standard & Poor’s believes the City to have a stable outlook, as conveyed in a separate news release.
“In April 2013, Standard and Poor’s rated a total of 264 local governments in Missouri.  Of these, 94 are rated “AA-” or higher.  This puts Grain Valley in the upper 35% of rated municipalities in Missouri,” Kaleko further stated.

Mayor Mike Todd stated, “This is great news, but not surprising as the City has been focusing on improving our financial outlook.  This report comes on the heels of reducing the City’s debt service by 10% in 2013.” Todd went on to say, “Something else that is not surprising to me is the fact that Standard & Poor’s recognizes the City’s management conditions as strong with good financial practices. We [Mayor and Board of Aldermen] have worked really hard in the past few years to put together a management team that is focused on taking Grain Valley in the same positive direction the citizens expect from their City leaders.  Standard & Poor’s Rating Services has confirmed we have done just that!”
City Administrator Alexa Barton shared, “Our objective is to continue to be efficient, resourceful, and fiscally responsible, all the while staying in tune with the needs and wants of our community as we move Grain Valley forward.”