Standard & Poor’s has reviewed the rating on the above-referenced obligations. After such review, we have changed the rating to "AA-" from "A-" while affirming the stable outlook.
ROCKVILLE RECEIVES AA– RATING
“REVISED CRITERIA LEADS TO HIGHER RATINGS FOR 19 SMALL MIDWESTERN MUNICIPALITIES”
Rockville was formed in June 2002 through a merger of the legacy City of Rockville, the City of Pleasant Lake, and Rockville Township. The consolidated population is approximately 2660. Rockville is about seven miles from St. Cloud. Most residents of Rockville commute to St. Cloud or other areas on the interstate 94 corridor to Minneapolis-St. Paul. The local employment base centers mostly on the granite industry; granite is a local natural resource, and as such there are several granite fabricators and processors in the area. City income and wealth indicators, in our opinion, have been very strong, in our opinion, the financial operations have been very good, backed by maintenance of very strong financial reserves and good management practices. Fiscal 2007 closed with a $832,000 general fund balance or a very strong 83% of expenditures, in our view. The unedited fiscal 2008 result 2008 result was small drawndown, with fiscal 2009 budgeting for a break even result. In our view, the debt burden is relatively low at 1.4% of market value, but carrying charges are moderate at 14% of the total governmental budget.
“The key to a higher rating, in our opinion, is achieving a balance between location and economic opportunity that helps maintain financial stability.”
Taken from STANDARD & POOR’S
Ratings Direct
