Caddo Parish has again been awarded the top-ranked Triple-A (AAA) bond rating from one of the nation’s largest rating agencies, Standard & Poor’s (S&P), based on what S&P contends is financial stability that ranks as better than the federal government.
The AAA rating, awarded to the parish for the 10th straight year, benefits residents by allowing Caddo Parish to take advantage of optimum interest and financing rates, saving taxpayers hundreds of thousands of dollars annually.
“This is excellent news for Caddo Parish taxpayers because it secures the Parish the best rates on refinancing general obligation bonds, which saves our residents money,’’ said Caddo Parish Administrator/CEO Dr. Woodrow Wilson. “The AAA rating also reflects the importance of the Parish’s long-term strategic planning and budgeting efforts, which reflect our long-term stability,’’ said Wilson.
S&P touted the parish’s history of conservative budgeting, mixed with financially sound initiatives, as reasons for the top ranking.
“The rating reflects our opinion that Caddo Parish has a very strong economy, with strong budgetary performance, very strong budget flexibility, very strong liquidity, very strong management, and a strong institutional framework,” the S&P report noted.
Caddo Parish has had a AAA rating since 2010. It was the first parish government in Louisiana to obtain the prestigious rating.
“We are proud to continue a longstanding tradition of responsible government here in Caddo Parish which provides effective services and programs to our parish residents while being prudent about our spending and debt practices,’’ said Stormy Gage-Watts, Caddo Parish Commission President. “It is extraordinarily difficult to achieve a AAA rating. The bond rating agency, in effect, is signaling that the Parish’s government and financial practices are exceptional and that our taxpayers are well protected, “said Gage-Watts.