Metro Lex News

Lexington, Mar 28 2024 - Once again, the nation’s two top bond rating agencies, Standard & Poor’s Global Ratings and Moody’s Investors Service, have affirmed Lexington’s AA bond rating with a stable outlook, reflecting no change from the city’s previous rating.

“In recent years, our city budget has weathered a pandemic, a changing labor market, and the ups and downs of federal funding. Through it all we have maintained a solid, unchanging bond rating,” Mayor Linda Gorton said. “This rating confirms our commitment to strong and careful fiscal management.”

The announcement means that Lexington will be able to continue to borrow money at a low rate. Each year, the City bonds various capital projects, such as vehicle purchases, paving, and construction.

The bond rating agency’s report cited Lexington’s presence as a "regional economic center in the heart of Kentucky’s Bluegrass region, anchored by a mix of large employers in both private and public sectors." In reaffirming a stable outlook, Standard & Poor’s noted Lexington’s "proactive and conservative financial policies and practices." The agency also cited Lexington’s strong management and growing economic base. Moody’s rating reflects Lexington’s "growing revenues and proactive management." The agency referenced the City’s significant institutional presence.

A grant program available to social service agencies has expanded eligibility to include a new priority area, mental health.