Northport celebrates financial milestone

Northport bond rating improvement
Published: Mar. 21, 2023 at 7:31 PM CDT
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NORTHPORT, Ala, (WBRC) - Northport city leaders are feeling good after a significant bit of news in their financial health.

Fitch Ratings upgraded the city’s bond rating from AA to AA+. The improved rating means Northport’s financial health is in very good shape, considering about 10 years ago things weren’t quite so good.

City council pro tempore says the new rating means the city can now proceed with borrowing $45 million for capital projects at a good interest rate.

“It doesn’t scare me at all because I have seen the finances and work with it everyday. We also have very intelligent, great staff members who are very accountable. They report to our finance committee, to our council and to our mayor.. everyone is taking an active interest in managing our finances,” said Northport City Council Pro Tempore Christy BoBo.

City leaders say this is the second time in two years Fitch has upgraded Northport’s bond rating.