S&P Global upgrades City of Hillsboro bond rating

(Hillsboro, KS) – S&P Global has upgraded the City of Hillsboro, Kansas General Obligation and

Hillsboro Public Building Commission bond rating from ‘BBB+’ with a negative outlook to a rating of ‘A-‘ with a stable outlook effective Wednesday, Feb. 9. The upgrade in bond rating will allow the

city to save significantly on interest costs for future bond issues, though none are currently planned.

“Working closely with our City Financial Advisor, Greg Vahrenberg of Raymond James and our Bond

Counsel, JT Klaus of Triplett Wolff & Garretson, the City Council and City Administrator Matt Stiles have been laser-focused on Hillsboro’s financial position. The result of these efforts I am pleased to report is an upgrading of Hillsboro’s bond rating,” commented Mayor Lou Thurston.

According to S&P Global, the rating increase is the result of corrections in budgetary imbalances

and increases in available reserves. The stable outlook was attributed to the completion of the hospital

bankruptcy in 2019 and the subsequent sound financial stewardship of the Hillsboro Community

Hospital. The increase in bond rating reflects the city’s efforts to improve its financial position and

meet its strategic planning goals.

“The bond rating increase is important for Hillsboro as an indicator of our financial strength to any business considering our community and it saves us interest on any future bond issues for the same reason,” explained Mayor Thurston. “My sincere thanks to Greg, JT, Matt and our City Clerk Danielle Bartel for their work with the rating agency and their tireless support of our city and its citizens. Congratulations to us all!”

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