The Town of Sweden has undergone a rigorous financial review in preparation for the issuance of a $1.3 million bond release in mid-November. Sweden achieved an AA rating (in the highest tier) from Standard and Poor’s Global Ratings. Moody’s performed the last bond rating of Sweden in 2010 and awarded the Town an A1 (also an excellent rating).
The S&P Report cited the Town of Sweden’s strong budgetary performance; very strong budgetary flexibility; very strong liquidity; very strong debt and contingent liability position; and strong institutional framework. S&P went on to state that “as the town has demonstrated conservative budgeting and fiscal discipline, we believe the town’s credit rating is unlikely to change over the next two years.”
The strong rating will attract investors to the Town’s bonds in November and also for the short-term financing of debt for the proposed Lake/Redman/Countryview Water District in 2020. “We’re very pleased with the rating,” said Supervisor Kevin Johnson. “The Town of Sweden has long been fiscally responsible and this rating reaffirms our efforts.”
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