Lawrenceville revenue bonds receive high rating

Moody’s Investors Service has assigned an Aa2 rating to Lawrenceville’s General Obligation-backed $14.5 million revenue bonds, Series 2023, that are being issued through the Lawrenceville Building Authority. Moody’s maintains an Aa2 issuer rating on the city and an Aa2 rating on the authority’s outstanding revenue bonds backed by the city. Following the sale, the authority will have approximately $76 million of city-backed revenue debt outstanding.

The rating by Moody’s reflects the city’s expanding economy and steady population growth, which are driving revenues and supporting the city’s solid financial position. According to a city statement, “the city’s long-term liabilities ratio and fixed-costs ratio, when including off-balance sheet debt obligations, are also in line with the rating category and expected to remain so, as a bulk of the city’s future capital needs are expected to be funded with dedicated revenues.”

The Series 2023 bonds will finance various city electric and gas utility improvements.