Jackson bond rating looking up despite coronavirus outbreak, mayor says
JACKSON, Miss. (WLBT) - "After several years of the city having a negative financial outlook, we now find ourselves with a positive financial outlook for the city."
That’s what Mayor Chokwe Antar Lumumba said: The city’s future is getting brighter. As the rest of the world is experiencing a credit downturn, Jackson is holding on.
“While Standard and Poor’s made a global decision to place a negative outlook on the credit ratings of cities around the world, the city of Jackson’s credit rating remained stable,” he said.
A big part of the considerations that led to Jackson's bond rating going up was the lawsuit just settled with Siemens. That's $89 million dollars that will serve a lot of purposes.
“And how that is not only going to enable us to come out of the problems we have with our infrastructure and our water sewer billing but it also enables us to go on a different path and walk a different course as it pertains to our financial stability as a city," said Lumumba.
S&P’s overview of the assessment is this: “After multiple years of negative budgetary results, the city has rightsized its operations and increased tax rates to stabilize its fiscal position.”
The S&P stated that they will continue to monitor the city’s recovery, but they say indicators are that Jackson will bounce back well after the COViD-19 crisis.
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