Standard and Poor’s, a well known credit rating agency, has left the City of Belleville’s rating at AA-, the same as it has been recently, and calls the outlook for the next 2 years “stable”.
The agency says capital spending is high in the city and so is debt, but believes the city has more than enough financial room to pay off its debt without any problem.
As most know, council signed off on the $90 million Build Belleville infrastructure program a few years ago and is borrowing most of the money for the projects.
Standard and Poor’s says council has done a good job with yearly operating budgets, adding that council doesn’t have much room to increase tax revenue because of low incomes as compared to other cities and already relatively high local taxes.
See the agency’s report starting on page 25 of this part of the Belleville council agenda.