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March 16, 2010

Stillwater's bond rating upgraded

By Philip Jankowski Stillwater NewsPress

STILLWATER, Okla. — As an added bonus to the city refinancing municipal bonds from 2000 and 2001 city finance consultants and staff found the city’s financial rating had been upgraded.

The change could have a longterm effect on city interest rates that would allow the city to save untold amounts of money on future debt repayments for projects.

The city’s bond rating, a kind of credit score banks base interest rates for government entities, has been upgraded by Standard & Poor’s from an “A+” to a “AA-.”

The upgrade paid immediate dividends to the city. Financial consultant John Wolf had been directed by the City Council to refinance about $8.5 million in bonds in order to seek an estimated savings of about $500,000.

His original estimate had been based on the old credit rating. With the upgraded rating, savings jumped to $700,000.

The Council chose to take as an upfront premium payment. The $700,000 is legally bound to only be spent on upgrades on equipment and facilities at the Municipal Building. The original bonds had been issued to renovate and build portions of the Municipal Building and police station, 723 S. Lewis St.

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