By Sam Elliott

Standard and Poor’s upgraded Fishers’ bond rating to a AAA rating May 16, making the city the only municipality in Indiana with such a designation.

City Controller Oscar Gutierrez and his staff were recognized by City Council President John Weingardt and Finance Committee Chair Eric Moeller at May 16’s council meeting.

The AAA rating is set to save Fishers more than $1 million on a pair of upcoming bond agreements.

“We just got an 800 on our credit,” Gutierrez said, comparing the city’s rating to an individual’s credit score. “Other communities might have like a 620 or really good ones have like a 720, but we have an 800 so we have the lowest possible interest rate you can get… So for the life of each one of those $12 million bonds, it’s about $550,000 less that we’ll pay. So for a taxpayer, that’s less payments on your property taxes that you have to make.”

Fishers’ previous rating was AA+ — one below the AAA designation, which reports show is received by fewer than two percent of local governments in the United States.

“Fishers continues to make fiscal responsibility a top priority and this designation is a testament to our proactive approach to financial management,” Mayor Scott Fadness stated. “If it wasn’t already well-known, this sends a clear message to businesses, investors and residents that Fishers should be at the top of their lists… S&P’s evaluation is a comprehensive one and it takes a community-wide commitment to fiscal sustainability to obtain this level. We are very proud to be one of the few cities named AAA worthy.”