City of Dothan's Refinancing Efforts Pay Off

By  | 

The City of Dothan's credit standing sees an increase.

Standards and Poor's rating agency has upgraded Dothan's credit rating from AA- to AA because the city has the ability to meet financial commitments.

Today city commissioners authorized Mayor Mike Schmitz to refinance $13 million.

The money was loaned in 2005.

Schmitz says refinancing the old debt will save the city a good amount of money.

“That will save us 800,000 dollars over the period of the loan so it's great for our city, great for our taxpayers and it's unusual in today's market so we're very blessed,” Schmitz said.

The new credit rating will give the city better interest rates when they borrow money.