The City of Noblesville has received notice that Standard and Poor’s Ratings Services has upgraded its bond rating to AA. S&P is an independent financial services company that assigns credit ratings to public and private corporations’ debt. Noblesville’s AA rating is an indication of the city’s fiscal stability.
“Developers or anyone looking to find a viable location to do business will look at bond ratings,” Economic Director Judi Johnson said. “It’s very important. It’s the reputation of the community essentially from a financial perspective.”
Johnson said the city’s bond rating has never been bad, but, “Whenever it gets better, your reputation gets better,” she said.
S&P evaluated a variety of factors in order to determine the City of Noblesville’s rating. Clerk-treasurer Janet Jaros said the rating will provide the city with lower interest rates for future building projects.
“We should get a better interest rate on the bonds we buy,” she said, adding the amount the city will save depends on the bond amounts.
Jaros said factors S&P cited in supporting Noblesville’s high rating were the city’s “very strong economy” and “good financial practices.”
“Our good budget process and cash reserves are the reason,” she said.
“It’s going to save taxpayers a lot of money,” Noblesville Mayor John Ditslear said of the better credit rating. “We owe kudos to Clerk-Treasurer Janet Jaros for doing such a great job.”
