Union City’s Mayor and City Council announced the municipality’s strong financial standing, fiscal stewardship and economic growth have precipitated Moody’s Investors Service on September 7th, 2022, to upgrade its credit rating to Aa2 from Aa3.
According to the Moody’s report, the upgrade reflected marked improvement in the city’s financial position due to ongoing tax base expansion and prudent financial management.
The tax base has also clearly benefitted from strong population growth. 2020 Census records demonstrate Union City’s population increased by nearly 40% in comparison to the prior decennial census.
“We are working hard to Reclaim, Renew and Reimagine Union City, and this upgrade clearly demonstrates our community is moving in the right direction” stated Mayor Vince Williams. “We are attracting new investment, enhancing economic vitality and strengthening our financial presence.”
Investors in municipal bonds utilize credit ratings to determine creditworthiness and the capacity and willingness of a state or local government issuing the bonds to pay money back.
Sonja Fillingame, City Manager, stated that a higher credit rating means the City can borrow funds on more favorable terms. “An upgraded rating is not easy to obtain,” she noted. This win means the municipal market is watching our financial progress, and our taxpayers will be able to benefit from lower rates for critical public improvements.
The rating was assigned to the city-guaranteed Revenue Bonds (Union City Project), Series 2022 that are being issued by the Union City Public Facilities Authority. Assistant City Manager Tarsha Calloway stated how proud she is of the achievement. “A credit rating upgrade is a huge milestone. We will continue our strategy of utilizing a best practice approach for healthy investments and reserves and as well as sustainable debt levels.”
The Series 2022 Bonds will help fortify the City’s goal of implementing its R3 initiative, a master plan created to develop a new framework of recreational amenities within the City. The plan includes new parks, trails, and streetscape initiatives.
“This exciting news gives additional capacity to help transform our community,” Mayor Williams continued. It is a path forward and the hallmark of both a strong local economy and a bright future. Onward Union City.”
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