Local News

Durham retains AAA bond rating

With high gas prices and economic uncertainty, many people are trying to save as much money as they can. However, the Durham City Council has decided to do just the opposite by dipping into its savings.

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Durham
DURHAM, N.C. — Three ratings agencies have reaffirmed Durham's AAA bond rating, allowing the city to continue borrowing money at the lowest possible interest rates.

“The AAA rating is a strong indicator for our citizens that we diligently and efficiently manage their tax dollars," City Manager Patrick Baker said in a statement. "Our AAA rating allows us to issue (general obligation) bonds and provide our taxpayers with significant savings on the interest as we work to improve our community.”

Some Durham officials expressed reservations last month about the 2008-09 budget, which required dipping into the city's reserve fund,  saying that could jeopardize the bond rating.

Durham is among 19 cities with a AAA bond rating nationwide. Raleigh, Charlotte and Chapel Hill also hold the top rating.

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