City Receives Aa2 Credit Rating
Mayor Steven W. Miller and the Holly Springs City Council are pleased to announce that the City has received a commendable Aa2 credit rating from Moody’s Investors Service, a testament to its financial standing, responsible fiscal stewardship, and economic growth.
According to Moody’s report, the City of Holly Springs, Georgia’s Aa2 credit quality is underpinned by robust economic activity and rapid population growth that is supporting the City’s revenue trends. The report also noted that the City’s finances are strong and prudently managed.
“The City Council, staff, and I have worked hard to build healthy reserves and diversify our tax base, and this rating clearly demonstrates our community is moving in the right direction” stated Mayor Miller.
Investors in municipal bonds utilize credit ratings to determine creditworthiness and the capacity and willingness of a state or local government issuing the bonds to pay money back.
Robert H. Logan, City Manager, stated that the strong credit rating means the City can borrow funds on more favorable terms. “An Aa2 rating is not easy to obtain,” he noted. “This rating means our taxpayers will benefit from lower interest rates for critical public infrastructure projects including the Holly Springs Town Center Project.”
The rating was assigned to the Urban Redevelopment Agency of the City of Holly Springs, Georgia Revenue Bonds, Series 2023 that are being issued this fall. Denise Lamazares, Finance Director stated, “A credit rating of Aa2 is a huge achievement for the City of Holly Springs. We will continue our strategy of maintaining healthy reserves and sustainable debt levels.”
The proceeds of the Series 2023 Bonds will be used for the parking deck, hardscapes, landscaping, site work, and internal road network in the Holly Springs Town Center.
“This exciting news gives Holly Springs the ability to continue to meet the needs of our community as we continue to grow,” Mayor Miller continued. “It is a path forward and indication of both a strong local economy and a bright future.”
The City of Holly Springs was incorporated in 1906 around the busy train depot established by the Louisville & Nashville (L&N) Railroad. Once known for its “green marble” quarry as well as a destination for local farmers to ship their goods, the City has grown over the past several decades, becoming more suburban in character with light industry, commercial establishments, and numerous residential developments. The City is in the center of Cherokee County, approximately 35 miles north of Atlanta on Interstate 575, currently consists of 7.38 square miles and is home to over 18,500 residents. Offering wholesome family living with big backyards, close-knit neighbors, excellent schools, and nearby entertainment, it’s no surprise that Holly Springs consistently ranks as one of Georgia’s best places to raise a family as well as one of the state’s safest cities.
Moody's Investors Service, a subsidiary of Moody’s Corporation, is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets. The firm's ratings and analysis track debt covering more than 135 sovereign nations, approximately 5,000 non-financial corporate issuers, 4,000 financial institutions issuers, 18,000 public finance issuers, 11,000 structured finance transactions, and 1,000 infrastructure and project finance issuers.