The city of Mason’s credit is tops with Wall Street.
Moody’s Investors Service affirmed the city’s AAA bond rating this month, citing Mason’s diverse tax base, stable financial operations supported by healthy cash reserves and manageable debt burden.
The AAA credit rating, the highest rating a municipality can receive, means that Mason will have a lower interest rate and it will cost the city less to borrow money, translating to a savings of about $700,000 in 2013, said City Manager Eric Hansen.
The city first received the rating in 2010, he said.
“That is an extremely rare rating, especially for municipalities,” said Hansen. “It’s higher than the state of Ohio has. It’s higher than pretty much most municipalities in the state.”
Other Greater Cincinnati communities with a AAA credit rating include Montgomery and West Chester. Ohio’s credit rating is AA2.
Hansen credits the city’s aggressive approach to attracting new businesses as a factor in the credit rating.
Mason has seen a string of high-profile development deals in recent years, including Seapine Software’s new $7 million technical center on Western Row Road, and headquarters expansions by Intelligrated Inc., AssureRx Health Inc., Rhinestahl Corp. and Top Gun Sales Performance.
“The city thinks like businesses think. We know the type of environment businesses appreciate and contribute to their success,” he said.