Sat, Sep 06 2008
|
|
Published July 03, 2008 12:00 am - MOORE -- The City of Moore could pay less to borrow money in the future thanks to its improved credit rating. Early this week city officials announced the city's A+ credit rating had been upgraded to an AA- credit rating by Standard and Poor's rating services. City of Moore's credit rating upgraded By M. Scott Carter MOORE -- The City of Moore could pay less to borrow money in the future thanks to its improved credit rating.
Early this week city officials announced the city's A+ credit rating had been upgraded to an AA- credit rating by Standard and Poor's rating services. The upgrade, city manager Steve Eddy said, is "due in part to the consistently strong financial performance and continuing economic expansion." Eddy said city officials were pleased by the news. "We were thrilled," he said. "Perhaps not so much in Oklahoma, but nationwide, not many communities have their credit ratings upgraded." Eddy said the improved credit rating could benefit the city by making cheaper credit available to city officials. "It's just like on your personal credit rating," he said. "When your credit score improves, you increase your chances of getting a loan and, those loans usually have better interest rates." Eddy said city officials were contacted by Standard and Poor's several months ago saying they wanted to visit "about economic activity." City officials and company representatives met via telephone conference call. "In the process they came to reexamine the city's outstanding credit, its budget and economic conditions," he said. The end result was an improved rating. "It also has intangible effects," he said. "In terms of businesses and individuals, an improved credit rating reflects economic stability and good management." Standard and Poor noted the city's financial position has "been historically strong." "The evidence cited included having a significant reserve fund, conservative budget practices and overall debt levels at the City of Moore at a very low $389 per person," he said. Jim Tchou, a rating analyst with Standard and Poor's, agreed. "The improved rating is a reflection of their ability to repay debt," he aid. "It's a reflection of their credit worthiness, that is, what we consider their ability to repay their debt." 
•
Click to discuss this story with other readers on our forums.
Click here to load this Caspio Bridge DataPage.
Click here to load this Caspio Bridge DataPage.
More from the Business section
Athena Award nominations needed University named one of top 10 wired colleges |
Print this story
E-mail this story
Post to del.icio.us
Discuss this story
 |
 |
 |
||||||
|
||||||
 |
© 2008, The Norman Transcript P.O. Drawer 1058, Norman, OK 73070 Phone: 405-321-1800 Fax: 405-366-3516 Send us your news tips & comments. |
Popular Business directory links - Norman Apartments | Norman Attorneys | Norman Auto Dealers | Norman Auto Parts | Norman Auto Repair | Norman Beauty Salons | Norman Car Rental | Norman Dentists | Norman Doctors | Norman Flowers | Norman Hotels | Norman Insurance | Norman Loans | Norman Mortgages | Norman Movers | Norman Pizza | Norman Realtors | Norman Restaurants | Norman Storage | Norman Tax Preparation | Norman Travel | Norman Featured | More...
|
|
Community Newspaper Holdings, Inc. • CNHI Classified Advertising Network • CNHI News Service |