(West Plains) – The City of West Plains has announced that they received an ‘A-’ long-term credit rating from Standard & Poor’s Ratings for its series 2012 certificates of participation (COPs). At this same time, Standard & Poor’s affirmed its ‘A-’ long-term rating on the city’s outstanding appropriation backed obligations and its ‘A’ issuer credit rating (ICR) on the district.
The ‘A’ ICR rating identifies West Plains as a regional economic center with low-to-adequate wealth and income levels; a very strong financial position; and very low overall net debt burden.
City Clerk and PR Director Mallory Thompson says the city’s financial future is ‘stable’, according to S&P, and that the series 2012 certificates are being issued for the purpose of acquiring playground equipment, improving the city’s parks and playgrounds, constructing and furnishing a new fire station, providing funds to refund $2.645 million of the outstanding COPs series 2006.