S&P Global raises Spring Hill’s debt rating to AA+
S&P Global Ratings raised its long-term municipal bond rating to AA+ for both the city’s existing general obligation debt and the long-term rating of about $40 million in 2022 general obligation bonds. This will make several priority city projects, like road projects and the construction of a new police station, less expensive to complete. The previous rating for the city was AA and the long-term outlook needs to be stable. The bonds are a credit obligation of the city, payable from existing, ad valorem property taxes. The upgrade reflects the city's continued economic growth, strengthening reserves, and increased financial forecasting, all of which is expected to be sustained. Direct debt will nearly double with this issuance, increasing to $83 million from $43 million.