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City of Davenport’s Credit Ratings Reaffirmed by S&P Global and Moody’s

City of Davenport’s Credit Ratings Reaffirmed by S&P Global and Moody’s
Posted on 02/07/2022
Photo of building with an orange over lay with the words City of Davenport’s Credit Ratings Reaffirmed.

February 7, 2022 – The City of Davenport’s credit ratings AA (S&P Global) and Aa3 (Moody’s) have been reaffirmed for the upcoming 2022A bond issuance. These financial indicators are useful for assessing the City’s financial position. These ratings signify that the City’s capacity to meet its financial commitment on bond obligations is very strong. Positive credit ratings result in lower borrowing costs and increases Davenport’s ability to save money on financing, resulting in more available funds to spend directly on capital projects such as street improvements.

“Its strong management continues to outperform its budget through what we view as conservative budgeting practices, supported by prudent policies,” stated S&P Global.

“The city’s financial operations are strong and have resulted in steadily improving reserves over the past decade,” and that “The city’s large tax base is expected to remain stable, supported by ongoing economic development and the city’s ties to the larger Quad City region” noted Moody’s. 

S&P Global Ratings assigned a stable outlook for Davenport as a result of the City’s ability to successfully maintain very strong finances, and the City’s compliance with its reserve and liquidity policies. Moody’s also emphasized several credit strengths: the large and stable tax base of the City, strong operating reserves, and liquidity relative to its adopted budget. These ratings demonstrate that Davenport has a very strong capacity to meet its financial obligations.

At the February 9, 2022 City Council meeting, staff will update the City Council on the results of the 2022A bond sale and refunding.