Growth in Duluth's economy raises city's bond rating to AA

By KBJR News 1

Credit: Krista Burns

Growth in Duluth's economy raises city's bond rating to AA

December 5, 2013 Updated Dec 5, 2013 at 1:12 PM CDT

Duluth, MN (NNCNOW.com) --- Duluth's improved economy has earned the city a raise in their bond rating from "AA-" to "AA" according to Standard & Poor's Ratings Services.

"The higher rating reflects the city's consistently balanced operations after several years of an imbalance during the recession," said Standard & Poor's credit analyst Steffanie Dyer.

In its analysis, S&P characterized Duluth’s economy as “strong" with a stable outlook for the city's new rating.

Dyer went on to say that this raised rating shows S&P's anticipation that Duluth will maintain balanced general fund operations and at least adequate budgetary performance coupled with very strong budgetary flexibility and maintenance of its community investment trust reserves.

In 2013, Duluth saw 6 businesses expand their operations, translating into nearly 230 new jobs in the city in the next two years, according to the Minnesota Department of Employment and Economic Development. Part of that job growth is due to an increase in aerospace and engineering industries in the city.

Posted to the web by Krista Burns