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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Under state probe, All American Check Cashing gets ‘F’ rating from Better Business Bureau
- Walker sentenced to 18 months for fraud, conspiracy
- Three indicted, alleged to have embezzled from agency
- Weyerhaeuser investing $57M to modernize lumber mill
- Manning family establishes health care initiative at UMMC
- Google chooses Mad Genius as example of Internet use
- Communities awarded national Main Street accreditation