Moody’s Investors Service has upgraded its rating of Midland’s long-term issuer and general obligation limited tax (GOLT) score from Aa2 to Aa1. The Aa1 rating is the second-highest designation possible on Moody’s index. Moody’s rated this outlook as stable.
Moody’s cited several factors in the decision including:
-Strong City management;
-City’s financial stability despite volatility in the oil market;
-Continued global interest and investment in the Permian Basin; and
-City’s modest debt levels.
Earlier this year, the City received a AA+ rating from Standard & Poors (S&P) and a AAA rating from Fitch on their General Obligation (GO) bonds.
Media Contact: Pam Simecka, Finance Director (432) 685-7210