Oxford Sees Improved Credit Rating

OXFORD, Miss. (AP) — Oxford’s financial adviser says the city’s credit rating has improved.

Demery Grubbs, an adviser with Government Consultants Inc., told the Oxford Board of Aldermen on Tuesday that Oxford’s credit rating increased from a AA- to a AA rating from Standard & Poors. A high credit score allows cities to get lower interest rates when selling bonds to help pay for major infrastructure projects.

A local newspaper reports that officials attribute the higher rating to factors including the city’s growth, which produces more tax revenue, as well as the city’s ability to pay back loans and bonds.

City Clerk Lisa Carwyle said having $30 million invested from the sale of Baptist Memorial Hospital-North Mississippi two years ago also helps.