The City of Fishers announced today that Standard and Poor’s (S&P) has upgraded the city’s bond rating to a AAA rating. Fishers is the only local municipality in the state of Indiana to receive this designation, which will save the city more than $1 million on upcoming bond agreements.
“Fishers continues to make fiscal responsibility a top priority and this designation is a testament to our proactive approach to financial management,” said Mayor Scott Fadness. “If it wasn’t already well-known, this sends a clear message to businesses, investors and residents that Fishers should be at the top of their lists.”
The AAA designation comes on the heels of two bond agreements for infrastructure improvements, resulting in more than $1 million in savings to the City. The rating is up from a previous rating of AA plus. Reports have shown that less than two percent of local governments in the United States have a AAA bond rating from S&P.
“Receiving the AAA rating puts Fishers in an exclusive group and I commend city officials for their dedication to Fishers financial health,” said Fishers City Council President, John Weingardt.
In addition to receiving the AAA rating, the S&P dished out very strong marks on the local economy, management, budgetary flexibility, and liquidity. The Fishers 2040 comprehensive plan also helped garner the elite designation.
“Not only is this community financially sound, but the rating also took into account the proactive approach to purposeful planning set forth in the comprehensive plan,” said Fishers City Councilor and Chair of the Finance Committee, Eric Moeller.
“S&P’s evaluation is a comprehensive one and it takes a community-wide commitment to fiscal sustainability to obtain this level. We are very proud to be one of the few cities named AAA worthy,” said Mayor Fadness.