Strong Moody Bond Rating for Rome Tennis Center of Georgia Underwriting
By Public Information & Marketing Coordinator
Moody’s Investor Service has assigned an Aa2 rating to the City of Rome’s $11 million in Revenue Bonds for the financing of the Rome Tennis Center of Georgia at Berry College.
The Moody’s report details the rating score of Aa2 as “very strong”. Moody’s defines its global long-term and sort-term rating scales as forward looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structure finance vehicles, project finance vehicles and public sector entities.
“Our very strong rating is important for the marketing and selling of the bonds,” says Sheree Shore, Finance Director for the City of Rome. “The strength of the City of Rome’s financial standing is outlined in Moody’s report and is considered by potential investors.”
The Moody’s Investor Service report provides a detailed analysis of Rome city’s financial position. The report cites that the city has strong fiscal management, and a healthy financial position achieved by conservative, revenue-driven budgeting.
The bonds will be marketed and priced by this Friday through bond underwriter Raymond James and Associates.
The Rome Tennis Center of Georgia at Berry College will house fifty-one USTA standard courts and a clubhouse with meeting and event space in a unique terraced design. The project is projected to be completed by June 2016. Construction is funded by a special-purpose local-option sales tax (SPLOST) which passed in November of 2013 in Floyd County.
Please refer questions related to the marketing and purchase of the bonds to the bond underwriter, Raymond James and Associates at 404-240-6816.