City of Millbrook earns AA- financial credit rating - WSFA.com Montgomery Alabama news.

City of Millbrook earns AA- financial credit rating

Posted: Updated:
MILLBROOK, AL (WSFA) -

The City of Millbrook received an upgraded financial rating from Standard & Poor's Financial Services LLC (S&P) of an AA-. The AA- rating means the city is at a high capacity to meet financial commitments. This grade is two instrument grades higher than the A received the previous year.

The S&P conducts research and analysis on local governments, and gives an investment grade and credit rating based on criteria associated with that governments financial status and their ability to fund debt of general obligation instruments.

Mayor Al Kelley said, "This rating upgrade is a huge step for the City of Millbrook; it places Millbrook among larger, much more established cities such as Auburn, Opelika and Tuscaloosa. This decision by S & P will significantly and positively impact the City of Millbrook's current effort to refund or retire bonds issued under a dated and more stringent system, but more importantly, it will give Millbrook a much more competitive advantage as a very credit worthy risk for investors considering municipal bonds or general obligation instruments issued by the City of Millbrook for municipal projects." 

The S&P rating are one of many tools that can be used by investors when making decisions about purchasing bonds and other fixed income investments.

During the review, Mayor Kelley spoke about his goals for economic stability in the government. This resulted not only in a higher rating, but also in lower expenses in day to day operations within the city

Source: City of Millbrook.

Copyright 2014 WSFA 12 News.  All rights reserved.

 

Powered by WorldNow