BURLINGTON, Vt. (AP) - A Vermont city’s credit rating is at its highest level in a decade after a national ratings agency reported high reserves and a growing tax base.
Burlington received an Aa3 rating from Moody’s Investors Services in a report issued Monday, up from A2.
Mychamplainvalley.com reports Moody’s dropped the rating in 2009 a few months after it was revealed city officials had improperly spent $17 million to bolster Burlington Telecom.
Burlington Telecom was sold earlier this year and Citibank released the city from a $33.5 million lawsuit.
Mayor Miro Weinberger says the boosted rating will mean $1 million in savings on the roughly $13 million in bonds the city’s issuing this fall.
Community leaders say the higher rating will naturally reduce the cost of borrowing and allow for more infrastructure investments.
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