West Palm bond rating gets a bump

mark-parks

Rating service Standard & Poor’s has signaled confidence in the city’s fiscal health, nudging West Palm’s credit rating upward to AA+, from AA.

Moody’s recently held the city’s rating steady, at Aa2.

West Palm Beach Finance Director Mark Parks said both ratings reflect well on the city and its water utility.

“Credit ratings for the city are similar to your personal credit rating,” he said Tuesday. “So the higher the credit rating is, the better pricing we get on the bonds, lower interest. It also helps us as relates to bringing investors, because people look to see if it’s a stable organization and then they’re more apt to invest.”