S&P Global Ratings has raised the city’s long-term rating and underlying rating (SPUR) to an AA- from an A+ rating City Manager Scotty Jones recently announced.
The city has also been removed from under criteria observation, she noted.
The report cited the city’s “consistently positive operating results, growing reserves, and formal management practices” among other factors in the rating, Jones said.
“I am proud of the efforts the Council and staff have put into strengthening our fiscal health as a team” she added. “This recognition from S&P reflects the city’s financial stability, but also unlocks key advantages, including lower interest rates, greater borrowing capacity for projects, expanded economic development opportunities, and increased appeal to potential investors,” she pointed out.
The report noted, “Due to the city's record of positive budgetary performance and expectation for continued tax base growth, we expect operating performance will likely generally be positive during the two-year outlook, accounting for one-time capital spending.”
For additional questions or concerns, please contact the City Manager’s office at (979) 245-2137.
