City’s bond rating improvesThe city of Superior’s bond rating rose again this year, according to Standard & Poor’s.
By: Superior Telegram, Superior Telegram
The city of Superior’s bond rating rose again this year, according to Standard & Poor’s.
The city’s rating rose to AA following a review of the city’s financial management practices. After a two-step rating increase in 2008, the city had been rated AA-.
According to Standard & Poor’s rationale for the rating increase Superior’s financial outlook is stable based on a diverse tax base characterized by large transportation and energy sector, strong general fund reserves and consecutive budget surpluses, good financial management and a moderate overall debt burden.
“Superior’s local economy has remained relatively stable throughout the national economic recession and management reports planned industrial and commercial growth over the next three years,” Standards & Poor’s reported. Despite state funding cuts, city officials anticipate balanced budgets for the next three years.
The improved bond rating allows the city to borrow at lower interest rates.