By: Diane Benjamin
Normal reported the same credit ratings in their financial statements that I reported in this story: https://blnnews.com/2019/12/07/moodys-normal-doesnt-have-a-aaa-credit-rating/
What they failed to tell you is that Fitch is owned by a French company and is the smallest of the “Big Three” ratings companies. https://www.sapling.com/7319147/sp-moodys-fitch-ratings
S&P doesn’t not have rating for either Bloomington or Normal. https://www.standardandpoors.com/en_US/web/guest/entity-browse
Moodys has never shown Normal with AAA credit rating.
Their on-line ratings go back to 2003.
We know property values are falling – especially with the higher end homes. I wonder if Moodys knows that? Maybe they know Normal has no problem raising property taxes to compensate. #History
I found this in the notes to the financial statements. Read it carefully – Total debt (without IEPA no interest loan) is $86,525,000. By the time this debt is paid off, interest will add another $41,193,178 for a total of $127,718,178 over the next 20 years. That is money that won’t be used to fix the roads or fund pensions.
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