S&P reaffirms city of Tyler AAA bond rating

Published on Wednesday, 19 March 2014 21:53 - Written by

Staff Reports

Standard and Poor’s reaffirmed the city of Tyler’s AAA bond rating “using their new more rigorous criteria,” the city of Tyler announced Wednesday.

“The City has worked very hard for many years to maintain our AAA bond rating,” City Manager Mark McDaniel said in a prepared statement. “This is the highest rating possible, and is a testament to our fiscal discipline.”

According to a news release, S&P cites “Tyler is the regional economic center for Northeast Texas with a strong and diverse economy in education and healthcare, along with retail and service industries; overall budgetary performance is strong; Tyler’s management conditions are very strong; and Tyler does not have any general obligation debt” as underlying factors in its decision.

“It is extremely satisfying to see Tyler’s exemplary fiscal management and diverse local economy recognized in this way,” Mayor Barbara Bass said. “Not only does this rating have significant financial implications for future bond issues, but the rating reaffirms the city’s sound financial management over the last decade.”