Standard and Poor Raises West U’s Rating To AAA
Standard and Poor, one of two rating agencies, has raised West U’s rating from AA to AAA, the highest rating possible. The rating followed an evaluation of the city that included an interview process concerning the city’s finances.
“I suspect it is because we have had a strong growth in assessed values and the underlying economic factors in the city remain strong,” said Finance Director Walter Thomas, who says the city has not gone below an AA rating during his tenure.
Thomas says the rating is “very good news” and will save residents money should the $13.8 bond referendum pass in the Nov. 4 election.
“Just like when you have a better credit score and you go get a car, you get a lower interest rate, when we go into the bond market with a better credit score, we will get lower interest rates,” said Thomas. “I don’t know how much it will save the citizens when they borrow money, but it will save money when and if the citizens decide to sell debt. It will ultimately result in savings to the taxpayers.”