Lenexa earns top credit ratings again

Lenexa earns top credit ratings again
Posted on 07/22/2019
City Hall at night with blue lights

Two prominent agencies have once again awarded the City of Lenexa the highest possible credit rating available.

Moody’s Investors Service reaffirmed a Aaa rating for Lenexa, the top credit rating from the agency. Standard and Poor’s also gave the City their best possible rating of AAA.

The credit ratings were confirmed as Lenexa prepared to sell both general obligation bonds and general obligation notes. The sale of the bonds and notes took place on July 16, 2019.

“We are proud to maintain these strong credit ratings,” said Lenexa Chief Financial Officer Doug Robinson. “Our excellent ratings allow us to secure a low interest rate which saves Lenexa taxpayers a significant amount of money over the long term.”

The proceeds of the Series 2019C general obligation bonds totaled $9.78 million and will be used for the Maurer Road special benefit district project ($3.54 million), the Lone Elm Road special benefit district project ($1.04 million), the Ridgeview Road project ($3.03 million), and the Cedars storm drainage project ($2.17 million).

Series 2019B general obligation notes totaled $5.075 million and proceeds from the sale will provide temporary financing for the Lenexa Logistics East special benefit district project. This debt service will be repaid with special assessments levied on property owners within the special benefit district.

Moody’s first rated Lenexa as Aaa in 2010 and Standard and Poor’s has given their top rating of AAA since 2014. 

Published July 22, 2019