McKINNEY, Texas (June 2, 2023) – 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 2023 general obligation (GO) bonds and affirmed its AAA rating on the city's existing GO bonds and certificates of obligation.
“McKinney’s overall economic health remains strong, and we are pleased that S&P and Moody’s have once again affirmed our AAA ratings,” said City Manager Paul Grimes. “By maintaining this high credit rating, the community has access to the lowest interest rates possible as we carry out our community’s continued growth and development plans. This includes buildings, roads, parks and other important community assets that will last generations.”
Moody's said the rating reflects the city's large and rapidly expanding tax base with above-national average wealth levels that continues to expand due to rapid population growth. The Aaa also reflects strong fiscal management and long-term forecasting leading to stable financial performance and very strong reserve levels.
McKinney received a rating of AA+ from Standard & Poor's for its water and wastewater utilities system.