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West Des Moines getting all A’s from credit rating services

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Moody’s Investors Service announced that the city of West Des Moines will maintain its top Aaa stable credit rating with Moody’s Investors Services, according to a release. West Des Moines and Iowa City are the only cities in Iowa with the Aaa rating from Moody’s. West Des Moines also is the only city in Iowa to have the top AAA credit rating from Standard and Poor’s. The top credit rating from the two rating services is important because it allows the city to compete in the marketplace and garner lower interest rates for the repayment of debt. West Des Moines plans to issue an estimated $25 million in general obligation bonds next week for road construction and repair, trail construction and street and improvement projects in the Mills Parkway Urban Renewal District. Moody’s Credit Opinion Report states that the top rating reflects West Des Moines’ “sizable, growing tax base near the state capital of Des Moines, sound financial operations bolstered by prudent fiscal oversight and substantial untapped levy authority, and ample operating reserves,” according to the release.