A “recent trend of strong financial performance” has caused Standard and Poor’s to upgrade the City of Plymouth’s bond rating from A to A+. The higher the bond rating, the more favorable the interest rate the city will get when it sells bonds to fund public works projects.
The assessment comes just as the city prepares for the refunding of sewage works revenue bonds and for the sale of waterworks revenue bonds later this week.
The city is looking to finance comprehensive renovations of the Ledyard Water Treatment Plant and water main extensions. The bond sale looks to gather $5.5 million for the projects.
S&P bases its ratings on a number of criteria, including financial data, management and operational information, and the overall economy and businesses environment of the community.
Plymouth Utilities Superintendent Donnie Davidson says the improvements at the Ledyard Plant will help assure the delivery of quality drinking water to the city for years to come. The 12-inch water main extension will provide enhanced fire protection and safety to residents of the city’s south side.
Construction of the city’s waterworks improvements is scheduled to begin after the bond sale. The improvements could begin next month.
