Dothan receives improved credit rating - WSFA.com Montgomery Alabama news.

Dothan receives improved credit rating

Posted by: Daniel Curtis - bio | email

DOTHAN, AL (WSFA) - the city of Dothan received some good news about its credit rating.

A national credit group is improving the city's credit score in recognition of the city's strong economy, which couldn't have come at a better time.

The national credit group Standards and Poor are upgrading the city's bond rating from an A+ to AA- making this is highest rating the city has ever had.

S&P says this rating guarantees that Dothan is in excellent financial security and the city local economy is remaining strong.

The improved rating comes at a good time for the city.  In the coming months Dothan will begin bidding a $46 million Wastewater Treatment project.

The improved credit score means the city could save millions when it goes to borrow the money needed for the project.

"This just proves and shows that the planning we started four years ago has certainly come to fruition, and we're being proactive rather than just being reactive and by doing that and putting those reserves back it proves a point that we knew four years ago that in the long term it saves us money," says Paul Lee, city commissioner for district three.

However, the new credit ranking does not lower previous loans the city has.

©2009 WSFA. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Powered by Frankly