Government

Iowa City retains Aaa bond rating

Community has had top rating since 1973

City Hall is shown in Iowa City on Thursday, Oct. 1, 2015. (Adam Wesley/The Gazette)
City Hall is shown in Iowa City on Thursday, Oct. 1, 2015. (Adam Wesley/The Gazette)

IOWA CITY — The city of Iowa City once again has been awarded the highest possible credit rating.

The city announced its Aaa rating from Moody’s Investors Service in a news release. It’s maintained the rating since 1973.

Cedar Rapids gained Moody’s second-highest rating, Aa1.

The Moody’s rating assesses a city’s level of debt and its ability to repay loans.

The rating is used by banking authorities and investors to determine the risk of loans, bonds and other financial transactions with governmental entities.

High ratings indicate low risk to investors, meaning lower interest rates for city loans and bonds.

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