Story Created:
Oct 15, 2012 at 12:07 AM CDT
Story Updated:
Oct 15, 2012
The city has just received the highest bond rating in history, and that’s good news for the taxpayer.
The ratings agencies released the figures this week placing the city in the second highest category of rating strength.
They’re saying it’s a reflection of our growing economy due to the Eagle Ford Shale, international trade and a below average unemployment rate.
“It means lower interest rates, which means when we borrow money, we will save the taxpayers millions of dollars. Never before have we gotten our interest rates so low. Once you get to the double a's you’re borrowing pretty much at what the federal government borrows with. That is an indication we are sound fiscally here in Laredo,” says City Manager Carlos Villarreal.
Interest rates for recent 10 and 30-year notes are hitting at 1.79% percent and 2.95% respectively.
