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Posted on: April 6, 2018

Apex Receives Upgrade to Credit Rating

Apex taxpayers could benefit from the latest credit rating analysis by Moody’s Investors Service. Today the agency upgraded the town’s bond rating from Aa1 to Aaa, the highest possible rating. Apex’s AAA rating from Standard and Poor’s was also reaffirmed earlier this week.

Moody’s reported, “The Aaa rating reflects the town's healthy financial position, its stable tax base in the Research Triangle region, affordable fixed costs and prudent management.”

“The town council, town manager and finance department have worked hard to ensure that we adhered to the ‘best practices’ in government accounting, and these AAA ratings are a well-earned reward,” said Apex Mayor Lance Olive.

Apex joins an elite group – the NC Department of State Treasurer shows only 16 municipalities that have at least one AAA rating, and only eleven others that have AAA ratings from two or more rating agencies.

“This ‘double triple’ is the best rating combination a town can have, and Apex citizens will benefit,” Olive noted. “Our staff will be able to stretch taxpayer dollars by spending less on interest, and maximizing the new capital assets, such as greenways, a senior center and park amenities.”

The higher the credit rating, the lower the cost of borrowing associated with the town’s bond sales, which yields a lower debt service payment for Apex residents. Later this month, Apex will issue $23 million in Public Improvement Bonds to be used for parks and recreation projects, and street improvement projects.

Olive continued, “Rock-solid fiscal management was so important to me as mayor that I chose to chair the Finance Committee each year. If your finances aren’t sound, then you won’t be able to provide proper services for the citizenry. But minding your purse strings opens the door to opportunity.”

 

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