Standard & Poor’s (S&P), one of the nation’s three leading bond-rating agencies, has upgraded the City of Plymouth’s bond rating from A to A+ based upon a “recent trend of strong financial performance.” The financial assessment comes as the city prepares for the refunding of sewage works revenue bonds and for the sale of waterworks revenue bonds later this week.
The approximately $5.5 million bond sale will finance comprehensive renovations of the Ledyard Water Treatment Plant and water main extensions. Plymouth Utilities Superintendent Donnie Davidson said, “The improvements at the Ledyard Plant will help assure the delivery of quality drinking water to the city for years to come.” “The 12 inch water main extension will provide enhanced fire protection and safety to residents of the city’s south side,” Davidson also stated. Clerk-Treasurer Jeanine Xaver noted that, “Through careful financial planning, there will be no water rate increase required to fund these important capital improvement projects.” Additionally, Xaver stated, “We expect our A+ bond rating to increase the marketability of the city’s bonds and reduce borrowing costs to the benefit of all who rely on Plymouth’s utilities.”
S&P bases its ratings on a number of criteria, including financial data, management and operational information, and the overall economy and business environment of the community. “S&P’s independent analysis is further evidence of the positive momentum in the Plymouth economy,” said Mayor Mark Senter. The Mayor also stated that, “I applaud Clerk-Treasurer Xaver and Superintendent Davidson for their diligent fiscal management, which has helped to advance the city to an even stronger position.”
Following the bond sale, construction of the city’s waterworks improvements is scheduled to begin next month
