Contact: Office of Mayor William Lantigua
October 17, 2013
“Standard & Poor’s issues another credit upgrade for Lawrence; A- Stable Outlook”
Mayor William Lantigua is happy to announce that Standard & Poor’s Rating Services has issued another credit upgrade for the City of Lawrence. Standard & Poor’s (S&P) raised its credit rating of the City of Lawrence, A- from BBB-, which is a strong indication of significant financial improvement for the City. This upgrade is the second in as little as fourteen months from Standard & Poor’s giving the City of Lawrence a “stable outlook”.
“This is a team effort and I am thankful for the members of my administration and our Fiscal Overseer for helping bring Lawrence into Fiscal stability,” stated Mayor William Lantigua. “It’s hard to believe that after the mess I inherited, I would be announcing such a significant accomplishment today. The tough decisions, the watchful eyes, and our new internal controls have helped make this possible. Putting our fiscal house in order is one of the biggest accomplishments of my administration and I’m happy to be part of this team,” continued Mayor Lantigua.
In its report, S&P commented that Lawrence’s budget performance is “strong” and stated that the “stable outlook reflects Lawrence's focus on rebuilding its operating flexibility and enhancing financial management controls. We (S&P) expect city officials will continue to retire the deficit notes as expected, which we calculate should enhance operating flexibility. Continued progress towards this end, along with maintaining structurally balanced operations could lead to an additional upgrade”, states the October 16, 2013 S&P report.
“As I have stated in the past, S&P is an independent agency looking at our internal finances, and the numbers tell the real story. This is a very important upgrade for our City of Lawrence and is a true recognition of the work our team has done to improve the fiscal affairs of this great City. The work continues and the results will be positive going forward”, concluded Mayor William Lantigua.
Standard & Poor’s along Moody’s Investor Services issue ongoing quarterly reviews of the City of Lawrence’s financial status focusing on bond rating and credit worthiness.