COLUMBUS—Columbus Metropolitan Library’s (CML) debt rating was upgraded to Aa1 from Aa2 by Moody’s Investors Service.
In 2012, Moody’s assigned an initial Aa2 rating to CML’s $92.3 million in Public Library Fund (PLF) notes issued to support Phase I of its aspirational building program. Phase I renovated or rebuilt 10 of CML’s 23 locations, including its Main Library. In 2019, CML sold an additional $33 million in support of Phase II, which is renovating or rebuilding eight additional branches.
CML has approximately $85 million of outstanding PLF notes.
From Moody’s press release:
“The rating on the library district’s outstanding PLF notes has been upgraded to Aa1 from Aa2 to reflect the state’s strong commitment to public library funding, the library’s healthy credit fundamentals and consistently solid debt service coverage on the notes.”
“At Columbus Metropolitan Library, we pride ourselves on being good stewards of taxpayer dollars,” said CML CFO Lauren Hagan. “This recognition is a testament to the work of our Finance Department, the leadership and guidance of our Board of Trustees and the support of Franklin County voters.”
