Ratings agency boosts Waterbury's creditworthiness - WFSB 3 Connecticut

Ratings agency boosts Waterbury's creditworthiness

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WATERBURY, CT (AP) -

A ratings agency has boosted Waterbury's credit rating, prompting the mayor to promise to use the good news to market the city.

The Republican-American reports that Standard & Poor's Rating Services raised the rating by two notches, from A to AA- with a stable long-term outlook.

A strong credit rating makes it easier for borrowers to get access to capital, usually at a lower interest rate. Officials say the improved rating will attract a bigger pool of bond buyers.

Standard & Poor's cited the city's strong management, budget flexibility, cost-cutting and modest budget surpluses.

Mayor Neil M. O'Leary said he plans to use the new ratings as a key point in a large marketing campaign he wants to launch early next year to draw more businesses to Waterbury.

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