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Two leading credit-rating companies, Standard and Poor's and Moody's, have upgraded the city's credit ratings, Wilson Finance Director Gordon Baker said.
That's good news for city taxpayers who didn't get a tax rate break this year and are looking at double digit increases in their power bills.
"An upgrade in our credit rating is important because it indicates an improved ability to repay debt," Baker said. "This translates into lower interest rates which saves the city money. This will be true not only for the debt we just issued but for future general obligation type borrowings."
The better ratings have already paid off, because the city wisely sought the interest rate upgrades before issuing $33.7 million in certificates of participation to fund the remaining startup costs for the fiber-optic project and to finish the electric system expansion.
The higher credit rating is estimated to save the city $150,000 over the life of its recent financing and allowed the city to lock into a 4.9 percent interest rate.
Securing the better credit rating is not an invitation to borrow more money, but does give the city more options as it considers pursuing different projects.
For example, should the city have a referendum on whether to build new recreation facilities, the better credit rating would help lower the costs the city would pay to borrow the needed money.
Not only did the two companies boost the city's credit rating, but they also issued favorable reports on Wilson's economy and how the city is managing its money.
Standard and Poor's said that the city's economy is growing and diverse and that the city's tax base also shows signs of growth. Its report also said that the city maintains a strong fund balance and maintains a moderate debt burden.
"The city's role as a commercial center is evidenced by per capita retail sales that are well above the state and national averages at 111 percent and 110 percent, respectively," Standard and Poor's reported.
That kind of positive financial news is tough to find these days.
And while no one has to approve of all the ways that City Hall spends money, the two reports show that at least that money is being well managed.
To see more of The Wilson Daily Times or to subscribe to the newspaper, go to http://www.wilsondaily.com/. Copyright (c) 2008, The Wilson Daily Times, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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