Northport’s good credit helping secure funding for water park, sports complex
By WVUA 23 News Student Reporter Giselle Hood
An upgraded bond rating means it’ll be even easier to finance Northport’s water park and several other mega projects.
Northport City Council President Pro Tem Christy Bobo announced Monday Northport’s bond rating was upgraded to AA+ by Fitch Ratings.
Just as adults have their own credit score, bond issuers like cities are evaluated to assess their creditworthiness. Northport’s AA+ rating means the city is more likely to pay its creditors back and therefore is a less risky investment.
“This AA+ bond rating is good news for the citizens of Northport,” said Bobo. “It means we’ll get more bang for our buck when we do apply for this money.”
The rating makes it easier for the city to get funding and pay it back, and that’s good news because the city is seeking more than $45 million. That money will go toward the highly anticipated Northport water park, an adventure sport park and upgrades to Kentuck Park.
This is the second bond upgrade during this council’s term. Bobo said she expects even more financial improvements in the future.