Wednesday, May 24, 2006
City Of Kingston Maintains Great Credit Rating
Mayor Jim Sottile who has worked hard to keep the city's bond rating at a satisfactory level is seeing his hard work pay off, The city has maintained its credit rating by Moody's Investor Services for the second consecutive year, the service put Kingston's credit rating at Baa1, the same as in 2005, after sharply downgrading it three years ago. In 2003, Moody's gave the city a Baa2 standing, a three-point drop from its previous rating of A2.
Moody's said that the latest rating "reflects the city's improved financial position that reversed a trend of deficit operations, a slowly growing tax base that expects an accelerated rate of growth going forward. "
Mayor Sottile pointed out that the credit rating service sees the city on the right track, "The comments by Moody's is (affirming) the polices that I have put in place and that we are moving in the right direction and have a positive outlook," Sottile said.
This is more great news said Blaber, Mayor Sottile is doing an excellent job at doing what is best for the tax-payers of this community. Blaber also pointed out that Sottile's work enables the city to save money, " when we have to borrow money, we are now able to do so at a lower interest rate.
Posted by Jeremy Blaber at 12:16 AM