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home : news : news
October 3, 2022

9/23/2022 11:51:00 AM
North Branch gets good news with credit rating boost

The financial situation for the City of North Branch has brightened with recent upgrades in the city credit profile, giving Moody’s Investors Service reason to increase the rating for general obligation debt to A1 from A2.  The rating is an important factor in borrowing and impacts interest rates attached to loans and how the city is viewed as an investment.

City Administrator Renae Fry stated this is the second upgrade in two years for the city, and the third if the recent Standard & Poors’ rating improvement is counted.

The financial analysis included noting that fund balance is healthy at at about 70 percent of operating revenue, and liquidity  strong in North Branch and in the last four years the population has grown from 10,241 to 10,585 in 2021.  

The city’s tax base has grown by 6.6 percent annually on average over the past five years, according to key indicators in the Moody’s profile.  

North Branch debt was reviewed by Moody’s and the provided analysis concluded that the General Obligation and Revenue debt loads are “above average.” But Moody’s predicts the burden will “...moderate going forward given tax base trends and rapid amoritization.”  The analysis shows 75 percent of North Branch’s debt will be paid off in 10 years.  The Water & Light utility debt at $8.6 million is not included in the calculated debt burden, the profile added.






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