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City of Davenport’s Credit Rating Reaffirmed

City of Davenport’s Credit Rating Reaffirmed
Posted on 01/29/2021
City of Davenport’s Credit Rating Reaffirmed

January 29, 2021 - The City of Davenport’s credit rating AA (S&P Global) has been reaffirmed for the upcoming 2021A refunding. The rating demonstrates that the City’s bonds are judged to be of high quality and remain a very low credit risk for investors. Positive credit ratings result in lower borrowing costs and increase Davenport’s ability to save money on financing, resulting in more available funds to spend directly on capital projects such as street improvements.

“Davenport’s strong management continues to outperform its budget through…conservative budgeting practices, supported by prudent policies,” stated S&P Global.

S&P Global Ratings assigned a stable outlook for Davenport as a result of the City’s ability to successfully maintain very strong finances as well as compliance with its reserve and liquidity policies. 

“We expect Davenport’s budgetary flexibility and liquidity will remain very strong and its strong management will continue”, noted S&P Global. “The trend of positive general fund results is primarily the result of strong property tax collection, growing revenue sources, and expenditures management across the board.”

At the February 10, 2021 City Council meeting, staff will update the City Council on the results of the 2021A refunding.