Moody's Investors Services Upgrades City's Debt Ratings

Moody's Investors Service has upgraded the city of Conyers' outstanding issue and general obligation debt ratings from A2 to A1. The city had approximately $11 million in general obligation unlimited tax (GOULT) debt outstanding as of the end of fiscal year 2023.

Moody's is a leading global credit rating agency providing data, intelligence, and analytical tools to help business and financial leaders create timely, go-to-market debt strategies, while capturing wider investor focus. The A1 issuer rating reflects the city's strong financial reserves which have grown as a result of improved property tax revenue stemming from tax base growth. According to Moody's analysis, tax revenues, along with sound financial oversight, supports a healthy reserve and liquidity of those funds in the future.

"The credit rating upgrade by Moody's Investors Service from A2 to A1 is a significant accomplishment and recognizes the city's stable financial foundation and improved financial condition during very challenging economic times," said Council Member Gerald Hinesley, chairman of the city's Finance Committee. "It is a true testament to our financial team, as well as the entire employee base."

This is the first ratings upgrade in the city's history. A comprehensive review of the city's finances, along with factors including population, economic drivers, residential, industrial and commercial developments, capital spending, debt service, and reserve balance contributed to the rating.

"A rating upgrade is favorable for the city in that in the future, if we're to pursue loans, bonds, etc., we have the benefit of receiving a better interest rate," said Chief Financial Officer Isabel Rogers.

For more information about the city of Conyers, visit www.conyersga.com or download the free mobile app, Conyers Connect.