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The City of Garland and Garland Power & Light (GP&L) have earned positive bond ratings from multiple agencies.
Fitch Ratings has assigned a AAA rating to the City of Garland’s $16.7 million combination tax and revenue certificates of obligation, series 2020, which is the highest bond rating possible. Further, Fitch considers the City’s rating outlook as stable.
Fitch’s analysis indicates its expectation that the City will be able to maintain healthy financial flexibility through economic cycles, including the current downturn as a result of the coronavirus pandemic. Fitch cites Garland’s broad budgetary tools, supplemented by a healthy reserve position, in addition to its diverse revenue base.
Fitch has also assigned a favorable AA- rating to GP&L’s revenue refunding bonds, series 2020, and reports that GP&L is a competitive power provider with low operating risk and a stable financial profile.
In addition, Standard & Poor’s assigned the City a AA+ for tax-supported debt, while Moody’s Investors Service gave an Aa3 rating for Electric Bonds.
Quality bond ratings and stability outlooks allow the City to issue debt for capital projects at a lower cost, saving taxpayers money.