The city’s credit rating came back with a positive score at the June 25 Pilot Point City Council meeting.
Back in April, the council passed a resolution for a notice of intent to issue $5 million in certificates of obligation toward the water and sewer projects, and the bonds have now been sold.
“I’m pleased to report that Standard & Poor's came back and affirmed the city's rating at an A-plus,” said Quynh-Thi Nguyen, Investment Banking Associate at HilltopSecurities. “Additionally, we also applied for bond insurance, provided by Assured Guaranty, in which they carry a little higher rating at a double A. This is similar to past issuance; we have done this in the past, nothing new, but as the credit rating goes up, interest rates go down, similar to ones on the personal credit score when obtaining a car loan.”
