Rating agencies reaffirm Brookhaven’s “Double Triple-A” credit rating

Standard & Poor’s and Moody’s give Brookhaven their highest grade

Brookhaven, GA, Feb. 9, 2024 – Standard & Poor’s (S&P) and Moody’s Investor Services (Moody’s) have again graded the financial health, management, and fiscal policies of the City of Brookhaven, each giving the City the highest rating: S&P rated Brookhaven AAA, Moody’s awarded the City Aaa. 

These ratings apply to Brookhaven’s SPLOST II bond, approved by DeKalb County voters in Nov. 2023. 

Brookhaven originally received the highest ratings from both rating agencies in July 2018 for the bond for the construction of the Peachtree Creek Greenway.  The ratings remained in place in 2019 for the $40 million parks bond, and again in 2023 for Series 2023A bonds issued by Brookhaven Urban Redevelopment Agency for a new City Hall, road, bridge, streetscape improvements, and multi-use paths/sidewalks.

“A local government is reflective of the residents it represents, and Brookhaven residents want and deserve a sound infrastructure. The SPLOST bonds will empower us to improve the quality of our roads, acquire greenspace and purchase police vehicles,” said Mayor John Park.  “The ratings on the bonds from Moody’s and S&P are a powerful endorsement of the quality of Brookhaven’s fiscal stewardship.”

“As the CFO for Brookhaven, my mission is to continue the implementation of strong financial policies and controls.  The triple-A ratings from S&P and Moody’s allow us to get the best interest rates possible, which gives Brookhaven the biggest bang for the buck,” said Brookhaven CFO Steven Chapman.

When describing their evaluation in their Feb. 5 report, Moody’s said the Aaa rating, “… is underpinned by a track record of strong financial performance, robust economic growth, and major ongoing new development that will help extend these trends moving forward.”

“The economic momentum, coupled with prudent budget management, will continue to support the city's strong financial position,” the Moody’s report added.

In its Feb. 5 report, S&P attributed its rating to the following:

• Rapid economic development driven by desirable location including the almost-completed $1.5 billion Children's Healthcare of Atlanta campus, adding 3,000 jobs to the city in the last year, and the ongoing buildout of the Emory Executive Park.

• Stable operations, with balanced-to-positive operations expected during the outlook period due to generally predictable operating revenue and cautious budgeting practices.

• Well-embedded financial management policies and practices.

“With financing in place, we can continue making progress on the improvements that the residents have come to expect,” said Mayor Park.

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