S&P Upgrades City of Prattville's Credit Rating
FOR IMMEDIATE RELEASE
CONTACT: Teresa Lee, or (334) 361-3649
April 2, 2013
The City of Prattville is pleased to announce that Standard & Poor's Rating Services has raised its underlying rating from an "A-" to an "A" on the City's general obligation debt and also on our general obligation refunding warrants. Their outlook on all the ratings shows the City of Prattville as being "stable."
This upgraded rating speaks to the credit-worthiness of the City of Prattville. S&P's summary letter states: "the upgrade reflects the city's improved financial position following the implementation of improved budgeting practices and expenditure reductions."
"I could not be prouder of the hard work that has been accomplished in the past couple years," said Finance Director Doug Moseley. "It has been a tough road, but the City's leaders and employees have met those challenges head on as a team. We still have a good ways to go, but I am confident that we can continue to move forward together. We are working diligently to build on our successes to continue the reduction of expenses and increase efficiencies."
"This approval rating in these difficult times by S&P proves that teamwork coupled with a business-type approach pays off," stated Mayor Bill Gillespie, Jr.
Standard & Poor's RatingsDirect® Summary document is provided for our residents' review.
If you have any questions regarding the S&P summary document, rating or any other financial information, please contact Finance Director Doug Moseley at or (334) 361-3690. If you need to set up an interview with any of our staff, please contact Teresa Lee at or (334) 361-3649.