Gig Harbor Receives Glowing Review from Moody's Investment Service
Annual Statement reflects professional and conservative city finances
Gig Harbor, Wash., January 14, 2016 – The City of Gig Harbor recently received an annual issuer comment from Moody’s Investors Service. Moody’s complemented the city for its very high quality credit position, and stated that its Aa2 rating is a little stronger than the median rating of Aa3 for cities nationwide.
Moody’s identified several factors which led to the city’s high credit rating including:
· The city’s strong financial position
· The city has a very healthy economy and tax base
· The city’s fund balance as a percent of operating revenue is significantly above the US median
· The net direct debt to full value (0.6%) is below other Moody's-rated cities nationwide
· The City’s balanced financial operations are a component of good financial management
“I would like to thank Finance Director Dave Rodenbach” said City Administrator Ron Williams, “as well as the whole staff for their efforts to keep the city in a strong financial position.”
The report from Moody’s is available at www.cityofgigharbor.net.
City of Gig Harbor
Tourism & Communications Director