New Hope's ‘AA’ credit rating reaffirmed

New Hope's ‘AA’ credit rating reaffirmed
Posted on 06/26/2019
The city of New Hope has received ‘AA’ long-term credit rating from Standard & Poor’s on the General Obligation Tax Abatement Bonds for use on the city’s new pool and park improvements at Civic Center Park.

The rating cited the city’s strong budgetary performance and flexibility, very capable management, strong financial policies and positive institutional framework.

On Monday, New Hope City Council awarded the sale of $5,235,000 of bonds to fund the new facility. Because of a better-than-estimated 2.2666% interest rate and premium given to the city, the issue size was reduced from the original planned $5,715,000 bond sales by $480,000. The reduction will result in a tax savings for residents and businesses.