From the City of Tyler:
TYLER (KYTX) - Standard and Poor's (S&P) announced that they have reaffirmed the City of Tyler's AAA bond rating using their new more rigorous criteria.
"The City has worked very hard for many years to maintain our AAA bond rating," said City Manager Mark McDaniel. "This is the highest rating possible, and is a testament to our fiscal discipline."
In their report, S&P cites some of the following as underlying factors in reaffirming the City's bond rating:
- Tyler is the regional economic center for Northeast Texas with a strong and diverse economy in education and health care, along with retail and service industries;
- Overall budgetary performance is strong;
- Tyler's management conditions are very strong; and
- Tyler does not have any general obligation debt.
"It is extremely satisfying to see Tyler's exemplary fiscal management and diverse local economy recognized in this way," said Mayor Barbara Bass. "Not only does this rating have significant financial implications for future bond issues, but the rating reaffirms the City's sound financial management over the last decade."