12/21/13 - Brighton city officials have received a nice Christmas gift when it comes to their financial outlook. Standard & Poor's Ratings Services this week raised its rating on Brighton's general obligation debt to AA+ from the A+ rating it had been maintaining. The rating agency said the cityâs financial outlook is stable and that the upgrade reflects their assessment of the cityâs âvery strongâ economy, budgetary flexibility and management conditions, as well as the expectation that the city will retain a balanced budget. The upgraded rating is just one level shy of the top rating of AAA and officials said the main factor the city did not achieve that ranking was due to the expectation that Brighton's debt burden would not lessen significantly over the next two-years. Brighton City Manager Dana Foster said the upgraded rating will help the city with any type of future bond issues going forward by allowing for lower interest rates. While crediting city officials and employees, Foster also said the upgrade was the result of several positive developments including the strength and diversity of Brightonâs business community and tax base. He also singled out Finance Director Kelly Hanna for praise for her handling of the review process. (JK)
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