SYNE Ratings today announced the publication of its first municipal Sustainability Rating for Governments, rating a mid-sized city ahead of its first municipal green bond issuance.
The rating assessed both the specific transit electrification programme the bond was raised to fund and the city's broader sustainability governance and public reporting practices, using SYNE's Sustainability Ratings for Governments methodology. A companion Second Party Opinion was issued on the bond framework itself, assessing it against the ICMA Green Bond Principles.
The city's green bond subsequently priced inside initial guidance, with the underwriter citing strong participation from dedicated ESG fixed-income funds as a contributing factor.