Findlay Times

RATING REFLECTS CITY’S HEALTHY BUDGET, MODERATE EXPENSES

The City of Tiffin has announced that Moody’s Investors Service has assigned an A1 bond rating to the City of Tiffin, maintaining its current rating.

According to Moody’s, the A1 issuer rating reflects the city’s healthy operating fund, recently bolstered by its positive income tax collection trends. The rating also factors the city’s below average debt burden and moderate annual costs, along with the economic stability provided by the presence of two private universities, Heidelberg University and Tiffin University.

The City of Tiffin is offering for sale $3.3 million in General Obligation (Limited Tax) Street Improvement Bonds. Proceeds from these bonds will be used to retire outstanding short-term Street Improvement Notes, Series 2021 that were issued in anticipation of the bonds on June 16, 2021 and mature June 15, 2022. Proceeds from the bond anticipation notes were used to finance city street and roadway improvements.

Following the sale of the current offering, the city will have a total of $11.2 million in outstanding general obligation limited tax (GOLT) debt.

Kathy Kaufman, Director of Finance, worked diligently with members of Tiffin City Administration to provide the documents necessary for the bond rating. “I’m pleased that we were able to maintain our A1 bond rating – it shows that the City of Tiffin is in a very good financial standing. Thank you to everyone for their efforts in getting this process completed.”

Mayor Aaron Montz stated, “At a time when other communities struggled with the pandemic and high inflation, the City of Tiffin continues to perform well and this bond rating is further proof of the positive direction we are headed.”

The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260094. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Original source can be found here.