Prattville – The City of Prattville has received an “A” credit rating from Standard and Poor’s. The company is known worldwide as a leader of financial market intelligence and most notably, as an independent provider of credit ratings for the debt of public and private corporations.
“This is excellent news regarding the City’s finances, particularly in this challenging economic climate,” said Mayor Jim Byard Jr. “The rating, given by one of the nation’s leading independent credit raters, is indicative of the City’s strong capacity to meet its financial commitments.”
Standard and Poor’s has offices in 23 countries and a history that dates back nearly 150 years with the publication of History of Railroads and Canals in the United States by Henry Varnum Poor in 1860. The book attempted to compile comprehensive information about the financial and operational state of U.S. railroad companies.
In 2008, Standard and Poor’s published more than 1,000,000 new and revised credit ratings and has rated more than $32 trillion in outstanding debt.
“The City Council joined with this administration taking critical steps in approaching the 2009-2010 fiscal year with a very conservative operating budget of approximately $34.6 million and a goal of increasing our reserve funds,” the mayor said. “These tough decisions have already achieved positive results, such as the excellent credit rating, which continue to validate our financial plan.”
Article by Melissa Parker
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