WILKES-BARRE. PA — Mayor Tom Leighton is touting the city’s new “positive outlook” rating from a national credit rating company, and representatives of a local bond broker and financial services company say the city has reason to celebrate.
Standard & Poor’s Rating Services revised its outlook on the city’s outstanding general obligation bonds from A- negative to A- positive, according to a recently released S&P report.
It’s noteworthy, the mayor says, because “it saves taxpayers hundreds of thousands of dollars and allows us the flexibility to invest in our city, improve our infrastructure and create jobs for our citizens.”
Pete Shelp, a certified financial planner at Janney Montgomery Scott, a stock and bond brokerage and financial services firm in Kingston, said Thursday a higher credit rating could save the city considerable cash.