“Most of all, it matters to the city and the taxpayers because of the lower interest rates we would experience when we would sell bonds,” said acting city manager Joe Huss. The AAA rating shows lenders that the city is likely to repay their debt. The report said that the city has healthy economic growth, with strong city management.
“Finance directors aren’t typically excitable people, but this is a big achievement,” said Huss.
There are only 260 cities in the United States with this rating, out of the 19,429 rated by Standard and Poor’s.
“By achieving this, we are among the 1 to 2 percent of cities nationwide, also in the state of Minnesota, that do have a AAA rating.”
