Warrenton city leaders are celebrating a strong credit rating that will allow the city to save money on long-term loans. The city recently received an A+ rating from Standard & Poor’s …
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Warrenton city leaders are celebrating a strong credit rating that will allow the city to save money on long-term loans.
The city recently received an A+ rating from Standard & Poor’s (S&P), one of the world’s leading credit rating agencies. The high score means the city can get lower interest rates when it borrows money, such as bonds to pay for a $5.3 million aquatic center currently under construction.
Warrenton Mayor Eric Schleuter said he was impressed by the work city staff has done to achieve the rating, and he expects tremendous savings.
“That is the second time we’ve gotten a great rating on bond issues,” Schleuter said.
According to S&P, an A+ rating means an entity has strong capacity to meet financial commitments, despite being susceptible to poor economic conditions.
Officials said even a slight improvement in the scores that determine credit rating can have a major impact on financing. In the case of the aquatic center, the rating could potentially lower interest payments by hundreds of thousands of dollars over the long-term.
City of Warrenton
