Chillicothe’s Debt Rating of Double A minus (AA-) is among the highest in the state, falling just below Kansas City and just above St. Louis. While the city was preparing to finance the new Chillicothe Police Station construction, it needed to determine its rating on the bond market.
The City’s advisors contracted with Standard & Poor’s (S&P) debt rating agency. They determined the City’s debt rating of AA-. In the announcement, S&P said “The rating action reflects our opinion of the city’s improved finances, benefitting from new voter-approved sales tax measures that provide additional revenue flexibility, along with a continued low cost of debt and liabilities.”
They went on to say, “The rating reflects the affordability and likelihood of lease payments and our view of the city’s general creditworthiness.”
The report also highlighted the positive audit results for the past 5 years and emphasized our City’s “prudent budgeting practices.”