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Posted on: October 29, 2020

Refinanced Bonds Bring $3.5 Million in Savings

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The rating may be Aaa, but Cranberry Township is playing in the big leagues when it comes to bond credit ratings from Moody’s Investors Service.

That rating helped the Township save $3.5 million through the refinancing of its General Obligation Bonds, Series of 2011 and General Obligation Bonds, Series of 2012. It’s a savings of 12.5 percent.

The Board of Supervisors earlier in October gave PNC Capital Markets LLC and bond counsel Dinsmore & Shohl LLP to prepare the bonds to be refinanced and approved the sale during their October 29 meeting.

Cranberry is one a few municipalities in the state to receive the Aaa rating from Moody’s, which analyzes debt obligations and assigns a rating based on a variety of factors. An Aaa rating is considered the highest quality and indicates the lowest level of credit risk.

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