Tuesday, September 2 2014 1:12 PM EDT2014-09-02 17:12:28 GMT
Lawyers for Detroit will attempt to convince a judge with the start of the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.More >>
Opening arguments in Detroit's historic bankruptcy trial are expected to begin Tuesday afternoon in federal court, where lawyers for the city will attempt to convince a judge that its plans to wipe out billions of...More >>
Tuesday, September 2 2014 1:12 PM EDT2014-09-02 17:12:12 GMT
Canadian police say pop star Justin Bieber has been charged with dangerous driving and assault after a collision between a minivan and an ATV led to a physical altercation in southwestern Ontario.More >>
Canadian pop star Justin Bieber faces new charges after police said Tuesday he was arrested for dangerous driving and assault following a collision between a minivan and an ATV that led to a physical altercation in...More >>
Tuesday, September 2 2014 11:41 AM EDT2014-09-02 15:41:49 GMT
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.More >>
Halliburton agreed to pay $1.1 billion to settle what it calls "a substantial portion" of plaintiff claims arising from the 2010 BP oil spill in the Gulf of Mexico.More >>
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