Standard & Poor’s Raises City’s Bond Rating to AA
Standard & Poor’s recently raised the City’s bond rating from AA- to a AA. “I am proud of the fact that we have successfully retained our excellent bond rating at a time when many governmental agencies have seen a reduction in their rating due to tough economic conditions,” said Mayor Gary L. Graham. “This great bond rating verifies the fact that we work very hard to manage the City in a responsible and fiscally sound manner.”
The recent Standard & Poor’s report stated the superb bond rating reflects the City’s “participation in the diverse St. Louis MSA economy, strong income levels, sound financial operations with strong reserves, and moderate debt burden with limited future debt needs due to revenues from a dedicated infrastructure sales tax that are used for capital projects”.
Standard & Poor’s stable outlook reflects the rating company’s expectation that we will take the steps necessary to react to decreases in sales tax revenues and other economically sensitive taxes in order to maintain our sound financial operations and strong reserves.
Mayor Graham and the City Council have always been, and will continue to be, committed to providing our residents with excellent services while managing taxpayer dollars wisely. The recent increase in our bond rating is a nice reflection on their efforts.
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