News Flash

2017 City News Releases

Posted on: April 20, 2017

Fitch, S&P Affirm Sugar Land’s AAA Bond Rating

Sugar Land, TX - A strong economy and very strong management were cited by Fitch Ratings and Standard & Poor’s Global Ratings when affirming Sugar Land’s “AAA” rating for $21.1 million certificates of obligation issued by the City through a competitive sale on April 18.

The City received bids from 10 underwriters, with the award going to JP Morgan Securities, who bought the bonds at a 2.78 percent true interest cost.

Both rating agencies are global leaders in credit ratings, commentary and research that provides perspective and insight for investors. The “AAA” rating is the highest rating a bond can carry and represents a bond with minimal risk due to the strong financial management practices of the city.

According to Standard & Poor’s: “The city has a projected per capita effective buying income of 180 percent of the national level and per capita market value of $143,848. Overall, the city’s taxable value grew by 4.8 percent over the past year to $12.6 billion in 2016 …. We view the city’s management as very strong, with strong financial policies and practices under our Financial Management Assessment methodology, indicating financial practices are strong, well embedded, and likely sustainable.”

In its release, Fitch recognized the city’s strong operating performance, solid expenditure flexibility and ample reserves.

An excerpt from an analysis reads, “Fitch expects the city to demonstrate financial resilience during a moderate economic downturn based on its revenue raising capacity, solid expenditure flexibility, and currently healthy financial cushion”

The city of Sugar Land has achieved its strong fiscal health through years of financial policy development. The policies have been in place since 2002 and are reviewed and adopted by resolution every two years, allowing for updates to be made as the City develops.

“The city that we have today is not the same city that was here 15 years ago,” said Director of Finance Jennifer Brown. “Having policies that can grow and adapt to our changing needs is important.”

The affirmation of the top bond rating recognizes the commitment by City Council and staff to ensuring sound financial oversight of City resources.

“The AAA ratings demonstrate confidence in the city’s ability to manage its finances,” added City Manager Allen Bogard. “This confidence validates that our proactive financial management as reflected in our Financial Management Policy Statements is a key to our success.”

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Other News in 2017 City News Releases

Sugar Land to Host 12 Days of Annexation

Posted on: November 15, 2017

Thieves Caught on Camera Stealing Purse

Posted on: November 9, 2017

Video Captures Man Breaking into House

Posted on: November 1, 2017

Public Hearing Set for Oct. 26

Posted on: October 13, 2017

Police Searching for Burglary Suspects

Posted on: October 9, 2017

City to Host Sugar Land Strong Event

Posted on: September 15, 2017

Tax Rate and Budget to be Considered

Posted on: September 13, 2017

Sugar Land Receives Clean Audit

Posted on: February 23, 2017

New Ordinance Addresses Distracted Driving

Posted on: February 22, 2017

Cultural Kite Festival Set for March 4

Posted on: February 9, 2017

Police Investigating Bank Robbery

Posted on: February 6, 2017

Woman, Accomplice Wanted in Kroger Theft

Posted on: January 23, 2017