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Lenexa retains AAA ratings from two agencies

Lenexa retains AAA ratings from two agencies
Posted on 07/18/2018

Two bond credit agencies have once again given Lenexa the highest ratings possible. After meeting with city officials and touring the community, Moody’s Investors Service rated Lenexa as Aaa and Standard & Poor’s (S&P) as AAA.

“We are extremely pleased to have received such a confident report from both rating agencies. The ratings have a real impact and will help save Lenexa taxpayers thousands of dollars,” said City Administrator Eric Wade.

On July 17, the city issued $23 million of bonds including refinancing of $11 million worth of bonds previously issued in 2006, 2007 and 2008. The high ratings and refinancing will save $1.1 over the life of the bonds (an average of $122,000 per year for nine years).

“There has been tremendous economic development in Lenexa since the agencies last visited in 2014” said Lenexa CFO Doug Robinson. “Our team enjoyed showing them the amazing progress that has happened in such a short time.”

S&P attributed the top-notch ratings to several factors, including:

  • Very strong financial policies and procedures which equate to excellent management of city resources

  • Strong budgetary performance including a surplus across all governmental funds in FY17

  • Very strong budgetary flexibility and liquidity

  • Very strong local economy including the development of Lenexa City Center

The City will receive the proceeds of the bond sale in mid-August and pay off the refinanced bonds on Sept. 1.

Published July 18, 2018