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We have some exciting news about our credit rating! The top three global credit rating agencies recently rated our limited obligation bonds AA+ and Aa1, as well as affirmed our AAA rated general obligation bonds. Find out why this is important on #BullCityToday.

The City of Durham has just been affirmed with a AAA rating on its general obligation (GO) bonds from the top three international credit rating agencies, meaning the City is extremely capable of meeting its financial commitments and can borrow money at the lowest interest rates to fund large capital projects to improve the community.

In addition to receiving the highest possible ratings from Fitch Ratings, Moody's, and S&P Global Ratings for its GO bonds, the City also received excellent limited obligation bond (LOB) ratings of AA+ from Fitch Ratings, Aa1 from Moody's, and AA+ from S&P Global Ratings.

“Durham is still one of only a handful of U.S. cities to have such an excellent rating by all three agencies. It’s not an easy accomplishment, but it allows us to borrow money at the lowest interest rates to enable us to spend millions to upgrade our roads, improve our neighborhoods, and build facilities and other vital infrastructure that supports our quality of life and makes us a great place to live, work, and play,” said City Manager Wanda Page.

The bond rating is an important process because the rating provides information for investors as to the quality and stability of the bond. A high credit rating also allows the City to borrow money at lower interest rates and save taxpayers’ money. The independent rating agencies issue their ratings based on factors like future tax revenue, population growth, and the amount of debt outstanding.

This month’s credit rating issuance by these three agencies comes as the City plans to issue approximately $138 million in LOBs to provide funding for various citywide capital projects, such as the Public Works Operations Center renovations, Fire Station #19, and the Hoover Road Athletic Park.

For more information about the City’s AAA rating, contact Finance Director Tim Flora by email.

Plus, DPAC places #1, #2, #3 and #5 in the U.S. in newest mid-year rankings

DURHAM, N.C. – DPAC officials announced today that the recently completed 2022 / 2023
season was a record-breaking year for attendance and events. From July 1, 2022, to June 30,
2023, DPAC welcomed over 565,000 guests and hosted 252 events, making this year the
theater’s biggest season ever.

 
In addition to welcoming a record number of guests and events, DPAC wraps up the year by
being nationally recognized as the #1 theater in the U.S. by VenuesNow in their recently
released 2023 mid-year rankings. DPAC also was ranked as the #2 and #3 theater in the nation
by Pollstar and Billboard Magazine.

 
Throughout the 2022 / 2023 season, DPAC hosted a variety of events including hit Broadway
shows, superstar concerts, worldclass comedians, and special events of all kinds. From unique
solo performances by the biggest names in music, such as Brandi Carlile and John Mellencamp,
to multiple sold out shows from top comedians Trevor Noah and Jim Gaffigan, DPAC brought
the best of live entertainment to the Triangle.

 
DPAC’s signature series, Truist Broadway at DPAC, also presented the biggest Broadway shows
direct from New York. The season began with Disney’s newest hit musical Frozen and included
the winner of ten Tony Awards, Moulin Rouge! The Musical, the hottest ticket of the season, SIX
the Musical, and six more incredible productions. With almost 17,000 Truist Broadway
members, DPAC remains one of the largest one-week subscription series in the country for
Broadway.

 
With each event DPAC hosts, the center for live entertainment is committed to creating the
best experience possible for each guest with their legendary red carpet customer service. The
values of quality, safety and service are always delivered with warmth, friendliness and an
attention to detail, which has become a hallmark of the DPAC experience.

Owned by the City of Durham and operated under the direction of Nederlander and
Professional Facilities Management (PFM), DPAC has been nationally recognized as a top-ten
theater in the U.S. for over a decade.

 
Bob Klaus, General Manager of DPAC, said, “Every year, I continue to be humbled and awed by
the power that live entertainment has to bring people and communities together. This season
saw record-breaking numbers of guests and performers return to DPAC. It’s a privilege to be
part of such a special place and the making of so many wonderful experiences and memories.”