MOODY'S UPGRADES RATING ON BURNSVILLE, MINN., GENERAL OBLIGATION BONDS TO 'Aa' FROM 'A1'
MOODY'S UPGRADES RATING ON BURNSVILLE, MINN., GENERAL OBLIGATION BONDS TO 'Aa' FROM 'A1' NEW YORK, Nov. 27 /PRNewswire/ -- Effective today, Moody's Investors Service upgraded the rating on the city of Burnsville's (Minn.) general obligation bonds to "Aa" from "A1," in conjunction with the city's planned sale on Dec. 2 of four bond issues totaling $11.36 million. The rating revision affects $70 million of general obligation debt. In upgrading the rating, Moody's said, "Burnsville benefits from a broad, diverse tax base, with residential, commercial and public utility property each contributing substantially to the city's $2.2 billion full value. As the city has now reached a more advanced stage in its development, growth-related pressures have eased, as have debt needs. Debt burden has been stable for the last decade, and the impact of expected future borrowing will be offset by the rapid payout of present debt. Additionally, the city's debt service fund balance is equal to approximately one-third of direct net debt. The financial position of other operating funds is likewise sound. The city is a major regional retail center, a position strengthened by recent construction in and around the 144-acre Burnsville Center shopping mall. New growth remains substantial, although housing construction is easing as the city's residential areas near full development. Burnsville's population, now over 50,000, places it among the largest of the Twin Cities suburban communities. Resident income levels are well above the state average." -0- 11/27/91 /CONTACT: Dov Iskowitz, 212-553-7936, or Daniel Aschenbach, 212-553-0880, both of Moody's/ CO: City of Burnsville ST: Minnesota IN: SU: RTG
CK-GK -- NY037 -- 7775 11/27/91 13:38 EST
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|Date:||Nov 27, 1991|
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