City Of Portsmouth: City Completes Successful Bond Sale With 11th Consecutive AAA Rating From Standard & Poor's

Press release from the City of Portsmouth:

The City of Portsmouth has completed the sale of $23,330,000 in 20-year general obligation bonds to fund approved General, Water and Sewer Fund projects. The City’s Finance Director Judith Belanger received competitive bids from ten bond underwriters through City’s Financial Advisor, Hilltop Securities Inc. in Boston MA. Morgan Stanley & Co., LLC was the winning bidder, committing to a net interest rate of 3.083 percent and a bond premium of $1,951,365. The City also received eight competitive bids on a $10,423,820 360-day bond anticipation note issue. Jefferies LLC was the winning bidder with a net interest rate of 1.765 percent. Prior to the sale, the municipal bond credit rating agency Standard & Poor’s issued the eleventh consecutive affirmation of its AAA rating of the City’s ability to manage its credit, citing its “very strong management with strong financial policies and practices.” In making the announcements, City Manager Karen Conard said, “With a AAA rating since 2013, Portsmouth continues to hold a strong reputation for investment by those who subscribe to the bonds by which the City funds its major capital improvements. The City benefitted from very close competitive bidding on this issue, thanks to Standard & Poor’s affirmation of our financial strength and the local economy. That rating ultimately saves taxpayers hundreds of thousands of dollars while also allowing us to move forward with the capital investments they expect.”

This press release was produced by the City of Portsmouth. The views expressed here are the author’s own.