NEWS FROM O’FALLON CITY HALL
FOR IMMEDIATE RELEASE
Standard & Poor’s Raises City’s Bond Rating to AA
O’Fallon, Illinois – April 29, 2009 – Mayor Gary L. Graham is pleased to announce that Standard & Poor’s has recently raised the City’s bond rating from AA- to a AA rating.
“I am proud of the fact that we have successfully retained our excellent bond rating at a time when many governmental agencies have seen a reduction in their rating due to tough economic conditions. This great bond rating verifies the fact that we work very hard to manage the City in a responsible and fiscally sound manner”, said Mayor Graham.
The recent Standard & Poor’s report stated the superb bond rating reflects the City’s “participation in the diverse St. Louis MSA economy, strong income levels, sound financial operations with strong reserves, and moderate debt burden with limited future debt needs due to revenues from a dedicated infrastructure sales tax that are used for capital projects”.
Standard & Poor’s stable outlook reflects the rating company’s expectation that the City of O’Fallon will take the steps necessary to react to decreases in sales tax revenues and other economically sensitive taxes in order to maintain its sound financial operations and strong reserves.
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Additional Information Contact:
Pamala L. Funk
Asst. City Administrator
624-4500, extension 9-1112
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