S&P Upgrades New Bedford’s Bond Rating
The City will see increased advantages thanks to Standard & Poor's Ratings Services upping New Bedford's bond rating.
S&P says the City now stands at a AA- rating, which will allow favorable interest rates on capital projects and increased interest from investors. It's the City's highest bond rating in at least forty years.
S&P cites several new developments as reason for the upgrade, including a strong management environment, strong financial performance, and the City's position to take advantage of the emerging offshore wind industry.
Mayor Jon Mitchell says the upgraded rating is a "vote of confidence" in the City from Wall Street.