S&P Gives City Of Redding "A" Rating
Credit rating agency Standard and Poor's has given the City of Redding an "A" bond rating.
The City of Redding reports that S&P re-evaluated the city's financial condition.
They re-affirmed the "A" rating for the City of Redding's lease revenue bonds.
They also reported that the city's financial outlook remains stable.
They credited good financial management and it's status as the regional commercial hub for northern California.
Many cities in the state of California are not so fortunate.
The City of Stockton, the City of San Bernadino, and the Town of Mammoth Lakes recently filed for Chapter 9 Bankruptcy Protection, sparking major rating agencies to take a closer look at other cities in the state.
"Cities and counties in California have been adversely impacted by the severe recession," said Redding City Manager Kurt Starman. "The Redding City Council has had the foresight and the fortitude to reduce the City of Redding's budget to reflect the Great Recession. Thus, the City of Redding is in a better financial position than many cities and counties in California." Starman said.
Copyright 2013 by KRCRTV.com All rights reserved. This material may not be published, broadcast, rewritten or redistributed.