By: Diane Benjamin
Fitch does have Normal at AAA, did Normal pay to get that rating?
Moody’s doesn’t have Normal at AAA:
This story is based on the $2 million debt Normal recently refinanced instead of paying it off.
RATING OUTLOOK The stable outlook incorporates our expectation that the town’s financial position will remain robust and that long-term leverage will remain above average but not grow materially. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING-Material tax base growth and improvement of resident income indices-Moderation of long-term leverage. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING-Weakening of operating reserves or liquidity-Growth in long-term leverage. LEGAL SECURITY: The town’s GOULT debt including the current issuance, is secured by the town’s full faith and credit pledge and a dedicated property tax levy unlimited as to rate or amount.
Congrats Normal! The Town’s ability to tax you out of your house is why they have a high credit rating.
Re-elect any incumbents? Why?
Read the story, it claims ISU’s credit rating is Baa2.
Now you know the truth about their AAA credit rating.