Miami’s Bond Rating Is Upgraded
MIAMI (AP) _ Standard and Poor’s raised Miami’s bond rating to investment grade, five years after a $68 million budget deficit prompted the Wall Street firm to drop the city to junk bond status.
The higher rating means the city can borrow money at a lower rate. City officials said that will save money, particularly on a $255 million, 10-year bond issue recently approved by voters.
Standard and Poor’s cited the city’s incoming administration and a recently renewed parking tax as reasons for ticking the rating up.
``The new mayor coming in and keeping the top management staff in place is just a very positive step for the city and something that hasn’t always been the case in the past,″ said Robin Prunty, an analyst at Standard and Poor’s.
Moody’s Investors Service, another Wall Street bond rating firm, upgraded the city’s rating last December from junk to investment status.