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GP&L Updates Regarding COVID-19:

-The City of Garland is working with customers during these difficult times. Although Customer Service is not currently disconnecting for non-payment, we anticipate resuming collection related activities on or about June 15. We strongly encourage customers to contact Utility Customer Service at 972-205-2671 or CustServ@GarlandTX.gov to discuss their situation. Please include your service address and account number in any correspondence. 

-The Duckworth Utility Services Building is closed until further notice. In-person payments can be made at the Utility Payment Drive-Thru (717 W. State St.) from 8 a.m. to 6 p.m. Other utility payment options are also available.

-Social distancing keeps customers and GP&L employees safe.

-Find more coronavirus (COVID-19) updates on the City of Garland home page. 

 

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GP&L and the City of Garland Earn Positive Bond Ratings

Post Date:05/19/2020 10:24 a.m.

The City of Garland and Garland Power & Light (GP&L) have earned positive bond ratings from multiple agencies.

Fitch Ratings has assigned a AAA rating to the City of Garland’s $16.7 million combination tax and revenue certificates of obligation, series 2020, which is the highest bond rating possible. Further, Fitch considers the City’s rating outlook as stable.

Fitch’s analysis indicates its expectation that the City will be able to maintain healthy financial flexibility through economic cycles, including the current downturn as a result of the coronavirus pandemic. Fitch cites Garland’s broad budgetary tools, supplemented by a healthy reserve position, in addition to its diverse revenue base.

Fitch has also assigned a favorable AA- rating to GP&L’s revenue refunding bonds, series 2020, and reports that GP&L is a competitive power provider with low operating risk and a stable financial profile.

In addition, Standard & Poor’s assigned the City a AA+ for tax-supported debt, while Moody’s Investors Service gave an Aa3 rating for Electric Bonds.

Quality bond ratings and stability outlooks allow the City to issue debt for capital projects at a lower cost, saving taxpayers money.