Financial services company Standard & Poor’s (S&P) raised the City of Homewood’s credit rating on March 7.
The City’s general obligation (GO) warranted an increase one notch to AA+ from AA following a routine surveillance. The company rates borrowers on a scale from AAA, just one grade above AA+, to D.
According to S&P’s credit analyst, Homewood will “likely maintain its consistent financial performance, supported by what we consider, good financial management practices and its strong economy.”
S&P also said that it does not expect the rating to change in the next two years.
“Homewood’s budgetary flexibility will likely remain very strong, and city residents will likely continue to participate in the broad and diverse Birmingham metropolitan statistical area,” a statement read.
