McKINNEY, Texas (June 10, 2021) – The City of McKinney has again received the highest ratings issued from two major credit rating agencies for its general obligation (GO) bonds and certificates of obligation (CO). The city earned ratings of Aaa from Moody's and AAA from Standard & Poor's. The city also earned a rating of Aa1 from Moody's for its water and wastewater utilities system debt.
Standard & Poor's assigned its AAA long-term rating to the city's series 2021 general obligation (GO) bonds and 2021 Certificates of Obligation (CO) and affirmed its AAA rating on the city's existing GO bonds and certificates of obligation.
"McKinney's overall economic health remained strong through the pandemic and we are pleased that S&P and Moody's have once again affirmed our AAA ratings," said City Manager Paul Grimes. “These low interest rates allow our city's leaders to save taxpayers money while still delivering the high-quality services our residents have come to expect."
Moody's said the rating reflects the city's large tax base with elevated wealth levels that continues to expand due to rapid population growth. The Aaa also reflects strong fiscal management and long-term forecasting that has led to stable financial performance and very strong reserve levels.
McKinney received a rating of AA+ with an outlook of stable from Standard & Poor's for its water and wastewater utilities system.