St. Louis County credit rating improves to Double A+

By KBJR News 1

November 14, 2013 Updated Nov 14, 2013 at 12:10 PM CST

Duluth, MN (NNCNOW.com) --- St. Louis County has once again improved it's credit rating.

This is the third time the county has seen a positive increase since 2004.

Standard and Poor's rating services has given St. Louis County a Double A+ rating. That's just one step under the highest possible rating of Triple A.

The positive improvement has allowed the county to receive a decreased interest rate and issue a $5.5 million general obligation capital improvement bond.

The funds will go toward improvements at the Northeast Region Corrections Center.

"In the past there have been times that we've had people staying in jail when they should have been in the correctional facility," says Don Dicklich, St. Louis County Auditor. "And it's really a lot more costly to keep them incarcerated in the jail as opposed to keeping them in the Northeast Regional Correctional Facility."

Dicklich says the rating shows the county's sound fiscal policies.

Gabrielle Ware
gware@kbjr.com

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