An independent evaluator has once again assigned the City of London a Aaa credit rating, which minimizes city hall’s cost of borrowing for one-time expenses and infrastructure projects. On Tuesday, Moody’s Investors Service confirmed that city hall has maintained its top-tier credit rating for the 50th consecutive year. The highest rating possible, its an achievement that reflects longstanding strong financial management and sustainable financial planning. According to a news release, “Moody’s noted that the City’s excellent governance and management, low reliance on debt and high levels of cash and investments provide increased bondholder security. While an upward pressure on debt levels from growth related capital projects is anticipated, Moody’s does not see this as a change in the City’s strong debt management policies.” The annual credit evaluation is based on London’s audited financial statements, Multi-Year Budget, and meeting with Civic Administration, the mayor, and other independent research.
