City Sells Bonds, Gets Good Credit Ratings

CONCORD, NH – The city of Concord recently report that it received competitive bids on for a $4.395 million general obligation bond issue and a one-year $1.99 million bond anticipation note issue, according to a press statement.

The city received four bids for General Obligation Bonds and one bid for the Bond Anticipation Note. Morgan Stanley & Co., LLC, purchased the $4.395 million bonds at an average interest rate of 2.517 percent. Century Bank and Trust Company, from Medford, Massachusetts, purchased the $1.99 million bond anticipation note at an interest rate of .70%. The proceeds will be used for various City capital projects.

Prior to the sale, Standard & Poor’s Ratings Services affirmed the City’s bond rating of AA+ for existing bonds and issued a rating of AA+ for the GO bond sale. They also issued a rating of SP-1+ for the bond anticipation note sale.

In a release, the city manager’s officer stated, “The rating report cited the city’s strong economy, very strong management with strong financial policies and practices, very strong budget flexibility, strong budgetary performance, and very strong liquidity as part of the basis for their ratings.”