FOR IMMEDIATE RELEASE
CONTACT: Jamie Hatfield, 334-361-3609

DATE: November 16, 2009

The City of Prattville has received an “A” credit rating from Standard & Poor’s. “This is excellent news regarding the City’s finances, particularly in this challenging economic climate,” said Mayor Jim Byard, Jr. “The rating, given by one of the nation’s leading independent credit raters, is indicative of the City’s strong capacity to meet its financial commitments,” he continued.

Standard and Poor’s, with offices in 23 countries and an almost 150 year history, is recognized by investors worldwide as a leading independent provider of credit ratings. In 2008, the company published more than 1,000,000 new and revised credit ratings and has rated more than $32 trillion in outstanding debt.

“The City Council joined with this administration taking critical steps in approaching the 2009-2010 fiscal year with a very conservative operating budget of approximately $34.6 million and a goal of increasing our reserve funds. These tough decisions have already achieved positive results, such as the excellent credit rating, which continue to validate our financial plan,” Mayor Byard said.