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Additional Update on Cudahy Borrowing and Bond Ratings

April 17, 2014

Press Release:

Additional update on the City of Cudahy Bond Ratings and City Borrowing for improvements.

On the evening of Tuesday April 15, 2014, the Common Council approved the final sale and resolutions of 2014 Water and Sewer System Revenue Bonds and Storm Water System Revenue Bonds. This sale and approval, allows the City to move forward on a plan to provide infrastructure, equipment and capital improvements in the City of Cudahy. These efforts are part of an overall financial plan updating providing for various road improvements, sewer improvements, infrastructure improvements, building improvements, and equipment for the city as a part of the overall plan.
Recently, Moody’s Investors Service and Standard & Poor’s rating agencies provided a financial review of the city and the impending borrows. Standard and Poor’s affirmed the AA-/stable rating for the City of Cudahy’s General Obligation debt, A+ / stable rating for the Cudahy Water & Sewer Utility, and the AA- / stable rating for the Cudahy Storm Water Utility. Moody’s Investors Service also provided ratings for the City of Cudahy. Moody’s affirmed the Aa3 rating assigned to the City’s General Obligation debt. Tonight, the Common Council was informed that Moody’s Investors Service has affirmed the A1 rating for the Storm Water Utility, and a issued a one-notch downgrade to the Water and Sewer Utility from A1 to A2.
“While I am disappointed with the downgrade by one of the rating services, the recommendations that would push the ratings back up are goals of my administration. The agency is looking for sustained expansion of the utilities customer base (which we are trying to do with our development and redevelopment efforts), and growth and maintenance of the utilities financial liquidity,’ stated Mayor John Hohenfeldt. “The change to the rating criteria and methodology have not only affected our city, but communities like the city of Milwaukee and other cities have faced the same most recent downgrades.” My administration and the Common Council collectively will continue to invest in the aging infrastructure of our community in a prudent manner.

Mayor John Hohenfeldt
4/16/2014

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