The City of Algona on Tuesday announced it received an A1 credit rating from Moody’s Investors Services. The release said it reflects the city’s strong financial position and reliability as a borrower.

“This rating is a key step in the process for Algona’s planned 2025 General Obligation (GO) bond issuance.  Bond proceeds will be used to finance street projects and improvements to city facilities in 2025 and 2026,” the release stated.