National credit rating agency Moody’s Investors Service announced Lee’s Summit is one of the “Aaa”-rated municipalities to receive a revised outlook to stable from negative.
Moody’s reviewed the rating outlook of five Aaa-rated states and 161 Aaa-rated local governments whose economies were previously identified as having a relatively high dependency on the federal government. Each municipality’s exposure to the United States government, including economic sensitivity to federal spending reductions, dependence on federal dollars such as grants and exposure to capital market disruptions played a role in the rating review.
Lee’s Summit was under review because it is part of the larger Kansas City metropolitan area which overall has a strong federal government presence. As a result of the review, two states and 119 local governments, including Lee’s Summit, received the improved ‘stable’ rating outlook.
This rating continues to recognize Lee’s Summit as low risk and allows the City to secure the lowest interest rates available when issuing bonds, which ultimately result in significant savings to taxpayers.
For more information, contact the City’s Finance Director Conrad Lamb at (816) 969-1101.
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