Tuesday, August 18, 2015

Derby is ‘making its mark’ as S&P upgrades credit rating to AA

By Jean Falbo-Sosnovich
Register Correspondent

DERBY >> City officials are crediting conservative budgeting, strong fiscal management and other factors to a national ratings agency boosting Derby’s bond rating to a near perfect level.

According to City Treasurer Keith McLiverty, the New York City-based Standard & Poor’s recently upgraded Derby’s bond rating from AA- to AA, which is just two notches away from the highest possible AAA rating. A strong credit rating, officials said, makes it easier for borrowers to gain access to capital, at very low interest rates.

McLiverty said the bond rating upgrade will save the city “hundreds of thousands” of dollars over the next couple of years in interests costs alone, namely on the major sewer upgrade project underway.

The city’s financial advisor, Barry Bernarbe, of Phoenix Advisors, lauded the city for its excellent financial standing.
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