S&P gives Huntington's long-term bond rating an 'A' - WOWK 13 Charleston, Huntington WV News, Weather, Sports

S&P gives Huntington's long-term bond rating an 'A'

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Standard & Poor's has upped the City of Huntington's long-term bond rating for two series of revenue bonds.

City officials learned Monday, March 10, that S&P's Ratings Service had increased the rating on the Huntington Municipal Development Authority's series 2010A and series 2010B bonds by two notches to an A rating. They previously had a BBB+rating.

Mayor Steve Williams said the change strengthens the city's bonding power and reassures bond holders their investments are safe.

"This is a validation of the fiscal policies that the administration and City Council have implemented in recent years," Williams said. "Most importantly, it's a validation of this City Council's relationship with this administration. As we complete our deliberations of the 2014-2015 fiscal budget, we look forward to strengthening the fiscal condition of the city even further."

The series 2010A bonds totaled $3.65 million and are a refinancing package for a previous bond issue related to the Jean Dean Public Safety Building and the Big Sandy Superstore Arena. The series 2010B economic recovery bonds totaled $5.5 million and are for facility improvements at the arena.

S&P bases the ratings on a range of factors, including the economy base, budgetary flexibility, strength of liquidity and budgetary performance and debt position.