Moody’s downgrades city’s bond rating
Published: March 7,2013
NATCHEZ — The City of Natchez has received a slight downgrade to its bond rating.
The Natchez Democrat reports the Moody’s Investors Service downgraded the city’s general obligation bond rating from A1 to A2.
City financial adviser Demery Grubbs said the move should have no effect on the city’s capacity to borrow money. He said A2 remains an excellent score.
Moody’s Spokesman David Jacobson said despite the downgrade, an “A” rating is an upper- to medium-grade rating.
The Moody’s report cited reserve cash levels in the city’s general fund — calling them “marginal” in light of the budget’s dependence on sales tax and gambling revenue. It said sales tax and gambling were about 50 percent of 2011 general fund revenues for the city.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DAVID DALLAS: Who in the Hell are We?
- New Mississippi state highway map is available for the public
- Tanger Outlets involved in Southaven project
- Ikea confirms plan for Memphis store
- Ingalls to lease former SRHS clinic in Gautier for employee medical center
- McCrory joins Epps in asking for trial delay
- Former Lane Furniture plant sold for $1.45 million
- OUR VIEW: JRA evolving toward transparency? Maybe, maybe not
- Jon-Paul Croom made CEO