CADDO PARISH EARNS "AAA” BOND RATING
A First In Louisiana
CADDO PARISH, La. – The Caddo Parish Commission announced today that Caddo Parish has earned a "AAA” bond rating by Standard & Poor's (S&P) for its upcoming bond sale. The "AAA” bond rating is the highest rating offered by S&P. According to S&P, this is the first time a true "AAA” bond rating has been assigned to a public body in Louisiana.
The upgrade to "AAA” followed a detailed presentation to S&P by Caddo Parish representatives, including Woodrow Wilson, Jr., Parish Administrator and CEO, Erica R. Bryant, Finance/Human Resources Director, Charles Grubb, Parish Attorney and Grant Schlueter of Foley & Judell, Parish Bond Counsel.
Mr. Wilson noted that achieving the pinnacle of bond ratings was particularly gratifying given the many years that Commissioners, staff and representatives had worked with S&P to earn periodic upgrades and ultimately, the highest rating of "AAA”. In prior rating upgrades, S&P noted the Parish's "historically very strong financial performance and position due to strong financial management”.
"This is a testament to the efficient manner in which the talented staff of Caddo Parish manages those precious financial resources on behalf of our citizens,” said Wilson. "To be able to grow our local government and strengthen our fiscal house at the same time is certainly a feat of which we can be proud. This monumental accomplishment will help save taxpayers money on interest.”
Mr. Schlueter noted that the "AAA” bond rating will result in significant savings to taxpayers in the issuance of bonds. With respect to the $6,000,000 of library improvement bonds being sold this week, the lower interest rate from the "AAA” rating will result in more tax revenues being available for public library purposes.
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