New Hope's ‘AA’ Credit Rating Reaffirmed

New Hope's ‘AA’ Credit Rating Reaffirmed
Posted on 02/23/2021

New Hope has received a ‘AA’ long-term credit rating from Standard & Poor’s on $2,020,000 in general obligation tax abatement bonds and a reaffirmed ‘AA’ rating on the city’s existing general obligation bonds.

The rating cited the city’s “historically strong financial profile and stable operations backed by conservative budgeting and a sophisticated management team that monitors and adjusts finances based on the city’s robust policies and procedures.”

On Monday, New Hope Council approved the sale of $2,020,000 in general obligation tax abatement bonds. The bond sale will refinance Ice Arena Conservation Bonds issued in 2011 to complete various New Hope Ice Arena improvements. Due to rapidly declining interest rates, bond refinancing will result in tax savings for New Hope residents and businesses.

Standard & Poor's full report may be reviewed below: