Baton Rouge has kept its highest and best bond rating awarded by Standard & Poor’s rating services, while the state, in contrast, has a negative outlook.
City-parish leaders announced Wednesday that the city kept its AAA bond rating from Standard & Poor’s. The state has an AA rating.
The city-parish reports that the AAA rating will apply to three city-parish bonds totaling $47 million and will help save the city-parish $5 million on refinancing two of them.
“City officials indicate that the state’s economic stress, driven in part by weakness in the oil and gas sector, has not had a marked effect on Baton Rouge’s economy,” reads the Standard & Poor’s report, according to the city-parish.
The report refers to Baton Rouge as a regional economic hub.
“We fiercely protect our bond rating because of its impact on our budgets, and we have worked to keep our local economy strong during even the most difficult economic times,” East Baton Rouge Parish Mayor-President Kip Holden said in a written statement.
“Our rating shows Wall Street’s confidence that Baton Rouge is on the right track.”