Atlanta improved its bond rating
As Atlanta begins its new fiscal year, a credit agency improved the city’s bond rating.
After reviewing the city’s new budget and overall finances, Moody’s Investor Service upgraded Atlanta’s bond rating from negative to stable.
“It means that the city has better borrowing power and it’s just a sign that your financial house is in order,” said Atlanta Mayor Kasim Reed spokesperson Sonji Jacobs.
In its review, Moody’s gave Mayor Reed and city council kudos for growing the city’s savings account from about $7 million to $100 million.
The savings come as Atlanta’s infrastructure needs continue. But Jacobs says people shouldn’t expect the city to dip in its savings in the near future to pave roads or fix potholes and sidewalks.
“There are plenty of things we want to do in the city,” said Jacobs. “But, we’re certainly not going to take this as a green light to spend at will.”
The city hopes it can keep its savings strong and rely on a proposed transportation sales tax to cover some infrastructure costs.
For More Information:
Moody’s Investors Service statement about its actions regarding the City of Atlanta’s bond rating.
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