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Moody’s keeping Peru’s bond rating at A1

Posted by wlpo on September 4, 2013

A city’s bond rating can influence how much they can borrow and the interest they’ll be paying.  Peru’s bond rating is holding steady at A1.  Moody’s Investors Service says they believe the city’s finances are looking up thanks to an increase in sales tax money and anticipated growth in the General Fund balance.

Moody’s released the annual report Friday.  The rating applies to the city’s $17.1 million of General Obligation bond debt.

Treasurer Gary Hylla says he’s absolutely pleased with the report.

Helping the city’s cause are the Electric Light Fund and a below average debt burden.  Moody’s calls the city’s unfunded pension liability and its dependence on sales tax money challenges.

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