Bond Rating Service Gives New Bedford High Marks
The City of New Bedford has maintained its AA - bond rating. The announcement came from the Standard-&-Poors Bond Rating Service. Its the highest rating the city has received since 1970.
Chief Financial Officer Ari Sky tells WBSM News, the bond rating means New Bedford is paying lower interest rates when borrowng money. "We've had three long-term debt sales since we've been upgraded to AA - and we estimated we're saving $3.5 to $4 million over the life of those bonds," says Sky.
Standard & Poors has also upgraded the classification of New Bedford's fiscal management from "strong" to "very strong."
Sky says there isn't a day that goes by, when the city isn't facing a financial challenge. "The key is sort of maintaining the prespective and understanding that each item on its own gets dealt with. There's no magic to it, its a matter of identifying the issues and identifying the opportunities."
Standard & Poors cited New Bedford's financial policies and practices, and its development of a five year, long-time financial plan