Friday, December 12, 2008
San Diego’s financial prospects improved slightly today with the announcement that both Fitch Ratings and Moody’s Investors Service have upgraded the city’s bond ratings. KPBS reporter Katie Orr has more.
Mayor Jerry Sanders says the improved ratings will allow the city to borrow money at a cheaper price. He says the affects will be seen in a number of projects.
Sanders: We can do more miles of pipe in the ground because we get more, uh, money out of the bond issuances. We have a certain amount set aside and we’ll actually get more, uh, so we can do that without rate increases. Uh, it also means that when we go out to do differed maintenance on our streets and highways, or re-stripping and all of the things we’re doing, it means we get more miles of that also.
Fitch Rating improved San Diego’s credit rating from a triple B plus to an A plus. In a report the company says the city has made significant structural and procedural changes. Moody’s also upgraded the city from a “negative” to “stable” outlook.
Katie Orr, KPBS News.