Carmel’s bond rating reaffirmed

Jackson

Carmel Mayor Sue Finkam announced Friday that S&P Global Ratings reaffirmed the city’s ‘AA’ rating for three property tax bonds currently being pursued by Chief Financial Officer Zac Jackson.

Most of the bond proceeds are expected to fund several capital projects such as the construction of new roundabouts and raised pedestrian crosswalks, necessary improvements to Bear Creek Park, and upgrades to several fire stations.

In its assessment, S&P Global Ratings noted: “The city’s growing tax base, coupled with its strong management, continues to support Carmel’s stable financial profile, characterized by modestly strong reserves and consistent operating performance.”

Jackson said the affirmation from S&P is among the highest rating currently given to any similarly sized city in the state.

“The rating illustrates Mayor Finkam’s commitment to improving the overall financial health of Carmel,” he said, noting that the remaining bonds will reduce the city’s interest rates on current debt without extending the overall maturity dates of those debts.

Finkam

“I appreciate the City Council’s partnership on these bonds and for helping to identify and prioritize the most critical capital projects,” Mayor Finkam said.