Fitch and Standard & Poor’s have both affirmed the City of Lewisville’s “AAA” ratings on its general obligation debt and its water and sewer revenue bond debt. This AAA rating is the highest possible credit rating given by both Standard & Poor’s and Fitch. This is a reaffirmation of the AAA rating the City first achieved in 2013 and has received every year since.
Unlike personal credit scores, a municipal credit rating is a measure of an issuer’s overall fiscal health. According to the rating agencies, factors leading to Lewisville’s AAA ratings included an adequate economy, access to the diverse DFW Metroplex, very strong management and strong financial policies, strong budgetary performance, very strong budgetary flexibility, very strong lequidity, adequate debt and contingent liability position and strong institutional framework.
In early September, Lewisville sold $47.2 million in General Obligation Refunding and Improvement Bonds for refunding of a portion of the city’s Series 2007 bonds. The funds also will provide for design and construction of improvements to the city’s streets and sidewalks, the design and construction of the Thrive multigenerational center, other open spaces and the acquisition of land if needed for the improvements, installing and acquiring public art and costs associated with the issuance of the bonds. The bonds were sold at a true interest cost rate of 2.9898 percent.
Also in early September, the city sold $7.3 million in series 2018 Waterworks and Sewer System Revenue Bonds to provide funds for constructing, acquiring and installing improvements, additions and extensions to the city’s waterworks and sewer system and costs associated with the issuance of the bonds. These bonds were sold at a true interest cost rate of 2.9667 percent.