"This is an incredible win," said Mayor Michael Caldwell. "It's easy to talk a big game about financial stewardship. This is what the product of excellence in financial stewardship actually looks like."
The same day, S&P Global Ratings raised Woodstock's long-term and underlying rating on general obligation debt from AA to AA+. S&P Global upgraded Woodstock's debt rating because of the municipality's "improving economic metrics, given overall tax digest growth and price appreciation" as well as "sustained reserve levels due to consistent positive budgetary performance" and "improving debt profile."
Having earned an Aa1 rating with Moody's and an AA+ rating with S&P, Woodstock joins the ranks of other Georgia cities like Atlanta, Decatur, and Savannah.
“This bond rating increase, from both rating agencies at the same time, just confirms what the Woodstock team already knew," stated Woodstock CFO Ron Shelby. "That Woodstock is an economically strong and well managed leader in Georgia’s group of cities further explaining why so many want to visit and move here.”
These improved ratings will also lower the costs of bonds to be acquired in 2024 for the construction of Little River Park. To learn more about the City of Woodstock's financial stewardship through budget excellence and fiscal responsibility, visit woodstockga.gov/finance.