Announced Thursday, Moody’s Investor Services’ annual comment on the City of Sterling Heights affirms its high Aa2 credit rating and strong financial position.
Moody’s annual comment reads, “Sterling Heights’ credit position is very high quality,” noting that key credit factors include “a robust financial position, an ample tax base and a healthy wealth and income profile.”
Moody’s publishes annual comments on Moody’s rated cities, counties and school districts. Their reports are based on publicly available information, including audited financial statements.
Finance Director Jennifer Varney notes that the City’s long-term financial plan has allowed the City to invest in the community through neighborhood road improvements, recreational assets and place making amenities. The effort appears to be paying off in increased property valuations as well, Varney said. Statewide valuation data confirms that Sterling Heights has the 3rd largest residential valuation in the State and 2nd highest Industrial valuation. In Macomb County, Sterling Heights has the highest overall property valuation and is first in residential and commercial valuation of all communities in the County.
“Sterling Heights property valuation increased dramatically between 2014 and 2018,” said Moody’s Lead Analyst Antonina Peshkova.
Sterling Heights’ low debt level was also highlighted by Moody’s as a significant factor resulting in the strong credit rating. The City has very low debt and is ranked among the lowest of its comparable communities on a per capita basis — and well below the City’s Charter limit.
“This affirmation of our high credit rating from Moody’s Investor Services supports that the City is on the right path by investing in the community,” said Sterling Heights Mayor Michael C. Taylor. “The transformation is undeniable and I am proud to say it is all being done with very little debt while maintaining low taxes.”
Media seeking additional information can contact Community Relations Director Bridget Kozlowski at firstname.lastname@example.org or by calling (586) 446-2471.