Iowa City receives Aaa bond rating for 39th year

IOWA CITY - Global market rating agency Moody's has awarded Iowa City a Aaa bond rating for the 39th consecutive year.

A Thursday Iowa City news release states that the Aaa rating, which is the highest credit rating possible, is used by bank authorities and investors to evaluate the risk of loans, bonds and other financial transactions.

A top rating also means lower interest rates on loans for municipal projects, according to the release.

'We are proud that the City of Iowa City has once again earned this financial distinction,” Mayor Matt Hayek said in the release. 'It demonstrates our respect for financial resources and our commitment to sound planning. As Iowa City continues to grow, this bond rating helps us access capital for projects that will benefit our residents and businesses for years to come.”