In October 2008, Auburn citizens received outstanding news relating to their
bond ratings. Standard & Poor's, the world's foremost provider of
independent credit ratings, upgraded the City of Auburn's bond rating from
AA to AA+. Auburn and Huntsville are the only municipalities in the State of
Alabama to hold an AA+ rating.
The new AA+ rating is an extremely noteworthy accomplishment and is a direct
result of the City's financial plan, meticulously outlined in the current
Biennial Budget and passed by the City Council in September of this year.
The rating reflects the City's consistent track record of sound financial
management, a strong and diversified revenue base, and solid financial
reserves. Cities holding such a high rating exemplify excellence both in
financial standing and reporting.
Also in October 2008, Moody's confirmed the City's Aa3 bond rating. The
State of Alabama has an Aa2 rating. Huntsville and Mountain Brook are the
only Alabama cities rated Aa1 by Moody's. Montgomery and Vestavia Hills are
rated Aa2 by Moody's. A high bond rating allows the City to enjoy lower
interest rates on its bond issues.