Local News

Durham retains AAA bond rating

Posted July 16, 2008 11:20 a.m. EDT
Updated July 16, 2008 11:50 a.m. EDT

— 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.