Investment Grade Bond Rating
In September 2020, international credit-rating agency Moody’s Investor services granted the government of the City of Pittston its first-ever “investment-grade” credit rating for the issuance of municipal bonds. Municipal debt issuance such as bonds provide the funding for capital improvement projects such as the “street-scaping” projects that have installed new sidewalks, curbing, crosswalks and street-lighting in the downtown; repairs and upgrades to city buildings; the energy-efficient LED streetlights installed throughout the entire city; improvements to city parks; and repairs and improvements to the city’s underground sewer mains and street drains. This credit rating reflected the culmination of several years of work by the city’s elected and administrative leadership team. Factors that led to the investment-grade credit rating included:
• Several consective years of balanced budgets with a steadily increasing fund balance;
• Accounting in full compliance with the Governmental Standards Advisory Board (GASB) model standards;
• Several consecutive years of annual city audits without any audit findings (problems);
• Modernized, comprehensive municipal financial management policies and the 2013 adoption of a Home Rule Charter by the city’s voters;
• Professional, experienced, stable administrative and financial management;
• Progressive, stable elected leadership;
• The city’s successful focus on downtown economic revitalization and improvement in neighborhoods through investment in infrastructure and housing codes enforcement.
Please read the full announcement from Moody’s Investor Services