Moody’s Investors Service has assigned Canyons the highest possible Aaa bond rating and a stable outlook. Fitch Ratings also earlier this month gave Canyons a AA+ bond rating and a positive outlook.
The ratings came before the District’s proposed sale of $80 million in bonds, scheduled to be sold on Tuesday, Aug. 21, 2012. The ratings, coupled with the State Bond Guaranty Program, will allow the District to sell bonds to investors at the lowest possible interest rates.
The ratings largely reflect the District’s solid financial operations, and its large, mature tax base, Moody’s stated in a public news release.
“The rating also incorporates the Districts solid financial operations with ample reserves buttressing the district’s short operating record, and modest debt profile featuring level taxing rates,” Moody’s reported.