CULLMAN, Ala. – The City of Cullman Utilities Board recently received its highest credit rating in its 70-year history. Cullman received an AA- credit rating from Fitch Ratings, Inc., with a stable financial outlook for the future in what some people might consider unstable times.
Fitch categorizes this AA- credit rating as “Very Strong.” The financial analysts at Fitch highlighted Cullman’s strong credit quality, very low operating costs, and minimal capital needs in the future. The financial analysts at Fitch also indicated that the financial strength of Cullman’s water distribution system could lead to a possible credit rating upgrade in the future.
“I want to personally thank our Mayor, Woody Jacobs, the Cullman City Council (Jenny Folsom, Johnny Cook, David Moss, Clint Hollingsworth, and Andy Page), and our Board Members (Wayne Fuller and Steven Murphree) for their conservative leadership,” said Cullman City Clerk Wesley Moore. “I believe Cullman received this outstanding credit rating from Fitch due to our elected officials deciding to fund capital projects with cash on hand instead of issuing more debt.”
Moore added, “Cullman is currently working on a bond refunding which will produce a large amount of savings for the City of Cullman, the Utilities Board, and the rural water systems in Cullman County. “