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City of Hastings Bond Rating

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City’s Bond Rating is Reaffirmed at AA

The City of Hastings was again assigned AA rating for bonds sold in October 2016. Standard and Poor’s (S&P) the City of Hastings bond rating agency has reaffirmed the AA rating on all of the City’s outstanding bonds issues. S&P analysis states the City's outlook is stable. The City’s assessment is based on the following:

  • Strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
  • Strong management, with "good" financial policies and practices under our financial management assessment (FMA) methodology;
  • Adequate budgetary performance, with an operating surplus in the general fund but an operating deficit at the total governmental fund level in fiscal 2015;
  • Very strong budgetary flexibility, with an available fund balance in fiscal 2015 at 48% of operating expenditures;
  • Very strong liquidity, with total government available cash at 88.1% of total governmental fund expenditures and 4.3x governmental debt service, as well as access to external liquidity we consider strong;
  • Adequate debt and contingent liability position, with debt service carrying charges at 20.5% of expenditures, net direct debt at 116.7% of total governmental fund revenue, and low overall net debt at less than 3% of market value and rapid amortization, with 95.5% of debt scheduled to be retired in 10 years; and
  • Strong institutional framework score.

November 2016 Bond Sale

$1,030,000 G.O. Improvement Bond, Series 2016B
$   310,000 Equipment Certificates, Series 2016B
$2,005,000 Hastings Charter Provision Bonds, Series 2016B
 
2016B Bond Rating

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