Sandy Springs refinances $161.7M in long-term debt

Strong ratings from Standard & Poor’s and Moody’s encouraged Sandy Springs to refinance debt, saving it an estimated $623,000 a year. AJC FILE

Having received high scores from two credit-rating agencies, the Sandy Springs Public Facilities Authority and City Council have approved refinancing $161.7 million in long-term debt.

Moody’s has maintained the city’s Aaa rating on its outstanding parity general obligation limited tax debt and Aaa issuer rating; while Standard & Poor’s revised its outlook to positive from stable and affirmed the city’s AA+ long-term rating, the city said.

“Both Standard & Poor’s and Moody’s cited the city’s strong socioeconomic profile, consistent positive financial performance, ample reserves, and manageable fixed costs among the reasons for the confident ratings,” the city said.

With a true interest cost of 2.27%, the Taxable Refunding Revenue Bonds, Series 2020, will save Sandy Springs $16.67 million over the remaining 27 years of the bonds, or about $623,000 a year beginning in FY 2022, the city said. Information: https://bit.ly/2FyzyME

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