It’s official.
The City of Laurel has obtained an A-plus rating.
City Clerk Mary Ann Hess reported this week that the City of Laurel is the only city in Mississippi that was upgraded from the recent review of credit strength conducted by Standard & Poor’s Ratings Services.
According to a letter from Standard & Poor’s, Laurel was one of 19 municipalities in Alabama, Louisiana, Mississippi, Oklahoma and Texas that received upgrades.
In the letter, Standard & Poor’s informed the city that the company has reviewed the rating of the city’s Outstanding General Obligation Bonds, Series.
“After such review, we have changed the rating to ‘A+’ from ‘A-’ and changed the outlook to stable from developing,” the letter states.
Hess, who began working with the city in 2000, said the change in rating is significant to the city. She said the rating is not something that just happened.
“It’s based on 10 years of data,” she said. “It’s not just something my office did, but it’s the results of all of us working together. It’s the results of this administration, the previous administration, this mayor, the previous mayor, this city council and the previous city council.”
Hess said when she began working for the city, it had a rating of a B. However, for the past 10 years, the city’s rating has been an A-.
“This is an important achievement,” Hess said. “This rating means to the city the same that stocks mean to the private sector and a personal credit rating means to individuals.
“With this rating, we should be able to get better rates on loans and projects,” the city clerk said. “It’s a great day for the City of Laurel.”
Mayor Melvin Mack agreed, adding that he appreciates the dedication of all those who have worked to make this rating possible.
Dennis Keveryn, the city’s chief administrative officer, said this says a lot for the city and the accomplishments it is making.
Members of the Laurel City Council also expressed their appreciation to all those who helped to make this possible.
“It does not mean that we have a lot of money, unfortunately,” Hess said. “The city’s rating means that we are making good, sound decisions with the money we have.”
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Laurel only Mississippi municipality with A-plus bond rating
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