Eagan Receives Triple-A Rating From Moody's Investment Service

Eagan MN

25 February, 2021

4:40 PM

Description

EAGAN, MN—The city of Eagan has received a triple-A rating from Moody's Investors Service for the sixth consecutive year, the city said in a news release. Less than ten percent of cities receive a Triple-A rating, the city said. The triple-A rating means that Eagan is fiscally strong and is able to borrow money at a lower rate. The triple-A rating affected the rate at which Eagan could get money for City Hall, Police Station, and upgrades for the Central Maintenance Facility. The rating also allows the city to get better borrowing rates for its future infrastructure needs, the city said. "Our fiscal responsibility as a city is a key ingredient to our community's success and how quickly we will turn the corner economically out of this pandemic" Eagan's mayor Mike Maguire said in the news release. "Our financial consistency and stability have helped drive our robust and diverse local economy including through COVID-19 by providing businesses confidence to invest in and/or expand in Eagan." Moody's Investors Service shared why Eagan received such a high rating. "Eagan has an exceptional credit profile anchored by its large economic base near Minneapolis with high resident incomes and relatively low unemployment," it stated in the news release. "Its stable operating history has resulted in very strong reserves and a moderate debt burden. The city's primary credit challenge is its above average pension burden relative to operating revenue." You can view the full report here.