Two of St. Tammany Parish’s bond issues have been upgraded by Standard & Poor’s rating service, with one attaining a AAA rating, the highest the agency offers.
The AAA rating was awarded to the bonds for parish libraries, according to a parish spokesman. The bonds previously had been rated AA+, Ronnie Simpson said.
AAA bonds are considered to have an “extremely strong capacity to meet financial commitments,” Simpson said.
The rating for St. Tammany’s Sales Tax No. 3 bonds, which are dedicated to roads and bridges, was upgraded from AA- to AA, Simpson said.
S&P told parish officials the upgrades were due to the parish’s continuing strong financial position. The rating agency cited St. Tammany’s population growth, its strong income levels and retail sales, and its access to New Orleans.
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