Friday 21 Sep 2018

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Standard & Poor’s Raises Goldsboro’s Bond Rating

S&P Global Rating announced this week that it raised its rating to ‘AA’ from ‘AA-’ on Goldsboro’s existing general obligation debt. S&P, a division of Standard and Poor’s Financial Services, assigned an ‘AA’ rating on the City’s 2018 street improvement bonds.

“The rating upgrade from S&P is a confirmation that City leadership and management continue to operate the City with sound practices and a strong financial position,” said Kaye Scott, Goldsboro’s finance director. “The upgrade will help to broaden the investor base for the City’s debt and should help lower the City’s cost of borrowing.”

In addition to Goldsboro’s strong management and budgetary practices, S&P based its upgrade on the City’s strong budgetary flexibility, liquidity and debt and contingent liability position.

“I am delighted that S&P increased the City’s bond rating. It speaks well of the improving financial condition of the City,” said City Manager Scott Stevens. “I want to commend our Mayor and City Councilmembers on their willingness to make good financial decisions for the City and our finance department for monitoring and making sound financial recommendations.”

Moody’s Investors Service maintained its Aa2 rating on Goldsboro’s general obligation debt and assigned an Aa2 rating to the street improvement bonds.

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