Moody’s Investors Service has upgraded the Smyrna’s bond rating from Aa2 to Aa1.
The city has $47 million in general obligation limited tax bonds with all of this outstanding debt issued through the Downtown Smyrna Development Authority and secured by the city’s ad valorem tax pledge through an intergovernmental contract.
This upgrade “reflects the city’s strengthened reserve positions following several years of operating surpluses, driven by conservative budgeting and minimal expenditure growth,” according to Moody’s.
This rating also incorporates “the large tax base with strong socioeconomic factors that benefits from proximity to Atlanta (Aa2 positive) and the city’s manageable debt and pension burdens.”
Also, the new rating reflects the city’s maintenance and operating tax cap at 15 mills.
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