Audrey Jordan
March 11, 2015
FRED DOWN UNDER
March 11, 2015
In the world of government credit ratings, Terrebonne Parish just got a boost.
The parish’s rating for general obligation bonds has been upgraded by Standard & Poor’s Ratings Services, based on sound financial practices and a favorable economy.
The agency issued the parish an “AA” rating for $12,235 million in general obligation bonds, which were refinanced at a lower interest rate last month.
Standard & Poor’s upgraded their ratings for the parish’s remaining $295,000 in general obligation bonds from “AA-” to “AA,” according to the press release.
Those remaining bonds are set to be completely repaid by the end of the year, said Donald Picou, accounting comptroller for Terrebonne Parish.
General obligation bonds represent debt that is paid using property taxes, said Jamie Elfert, Terrebonne Parish chief financial officer.
A public bond is essentially a loan that a governing body receives from the public, said Dr. John Lajaunie, professor of finance at Nicholls University.
“We borrow money from the public and we pay it back
Terrebonne Parish’s rating for general obligation bonds has been upgraded by Standard & Poor’s Ratings Services.
