Ogden has received an A bond rating from Moody's Investor Service, and some municipal officials are disappointed that the mark wasn't higher.
"I'm a little disappointed we didn't get an A1 rating," said Nate Pierce, management services director. "But it's good in that Moody's is saying we have a stable tax base and a good financial operation."Pierce led a contingent of officials in presenting the city's financial portrait to Moody's in New York City last month. The firm is the nation's leader in rating municipal bond issues.
"That's about what we were expecting," Mayor Scott Sneddon said. "People think we have deep pockets, but we really don't."
The other rating choices would have been AAA, AA1, AA or A1. Pierce said the rate wasn't higher because of the city's low general fund reserves, stagnant population growth and debt for redevelopment projects.
Pierce said the difference between an A and an AA rating will amount to a few tenths of a percent of the interest rate the city will be paying on the coming issuance of $5 million in bonds for street repairs.