Skip to comments.City gets good news for taxpayers (Portsmouth's muni bond rating goes up)
Posted on 06/21/2008 7:03:29 AM PDT by TigerLikesRooster
City gets good news for taxpayers
Upgraded bond rating sign of strong finances
June 19, 2008 6:00 AM
PORTSMOUTH The city announced that Moody's Investors Service, one of the nation's largest bond rating agencies, has upgraded the city's bond rating from Aa3 to Aa2, citing strong financial management, continuing growth, a large tax base and low debt burden as positive factors.
"The upgrade to the Aa2 rating is driven by the city's healthy economy, which appears to be bucking national economic trends as development activity continues in this sizeable and diverse tax base and a continuing trend of a strong and stable financial position, evidence by five years of general fund balance exceeding 30 percent of revenues. The Aa2 rating also reflects the city's low overall debt burden," Moody's said.
(Excerpt) Read more at seacoastonline.com ...