Thursday, October 5, 2023

Pearl Credit Rating Improves

 The city of Pearl issued the following statement. 

In a dramatic turnaround, the City of Pearl’s latest bond rating has soared to an “A3” level by the renowned Moody's Investors Service. The city was previously considered to be in a “Ba2” or “junk bond” status by Moody’s.

 

“This is tremendous achievement for the city. We have worked diligently over the last six years to achieve financial stability and prove our worth as good stewards of the tax dollars we receive,” said Mayor Jake Windham. “In a nutshell, this rating will allow us to get much better interest rates on bonds to fund projects throughout the city. We will save our taxpayers thousands of dollars with the lower interest rates and proves to investors and developers that Pearl is a thriving area with excellent economic health.”

 

Mayor Windham and the city asked Moody’s for an updated score as it prepares an $8 million project to build two new fire stations, one being a new Central Headquarters off Highway 80 and a first-ever Station Five off Greenfield Rd.  The project includes new fire trucks and equipment.

 

“This is a huge win for the city and an amazing financial turnaround,” said Nick Schorr, the city’s financial advisor with Government Consultants. “This five-level rating jump will open more doors to investors that will compete to offer Pearl the best interest rate for all projects moving forward. Over the five years I’ve worked with the city, we’ve now gone from a risky bet with investors, to a solid investment status and we have a plan to keep Pearl moving up and increasing its rating.” 




 

According to Moody’s, the A3 rating assignment reflects the city's improved financial position with cash and reserves that have materially strengthened from particularly low points.  We anticipate that the city's strong attentiveness to cost control as well as a trend of healthy sales tax revenue will provide opportunity to maintain a stable financial profile. However, the city will be challenged by ongoing construction projects that have recently driven a deficit in its water and sewer fund.  

 

The rating also reflects Pearl's solidly performing economy inclusive of healthy resident incomes for the rating level but with a somewhat weak full value per capita. Future economic growth will be supported, in part, by approximately 1,000 homes in various stages of development for the next several years. The city's leverage position is highlighted by moderate long term liabilities and annual fixed costs that will remain consistent given the modest size of the current and anticipated future issuances.

 

Governance is also a key consideration for this initial rating. The city's management has helmed a material improvement in finances through a strong focus on spending controls and reduction of non-essential services. 

 

14 comments:

Anonymous said...

We sold our house in Pearl last year to an immigrant couple from Guatemala for about $50k over market. They paid cash.
Y’all bigots don’t even realize these people contribute 100X more to the American economy than demographics who have had everything handed to them for generations.

Pearl is booming because of Hispanic migration, and in spite of the white flight which we are guilty of. They are fixing up the properties and paying their property taxes.

Anonymous said...

Look for an increase in property taxes on properties within the City of Pearl-

to fund those deficits and pay the new bond indebtedness

1962guy said...

Good news for Pearl.

My involvement with the city has always been positive. If they can help you, they will. The mayor is a good and fair man.

Anonymous said...

The Mayor is getting it done! That's tight work, Jake.

Anonymous said...

This is great for Pearl, but I suspect this improved rating won't result in a better interest rate than they would have gotten with a worse credit rating a year or two ago.

Anonymous said...

"We sold our house in Pearl last year to an immigrant couple from Guatemala for about $50k over market. They paid cash.
Y’all bigots don’t even realize these people contribute 100X more to the American economy than demographics who have had everything handed to them for generations.

Pearl is booming because of Hispanic migration, and in spite of the white flight which we are guilty of. They are fixing up the properties and paying their property taxes."

Since this was such a large sum of cash that the buyer didn't get working landscape or at the chicken plants, I would guess it is cartel money. So congrats for selling your house over market value, but I hope you aren't contributing to the human smuggling and fentanyl crisis.

Anonymous said...

Now maybe they can give a living wage to their police department. Or what’s left of it.

Anonymous said...

@10:36
Your racism is showing.
The husband is does concrete work, mostly driveways and the wife is a wedding planner in the Hispanic community. Both are self-employed. I saw their business income statements and they are earning nearly over $90k each.

Anonymous said...

If they paid $50,000 over market it's because they are illegals, err, undocument immigrants.

Anonymous said...

@9:07 I’ll take things that never happened for $500.

Anonymous said...

The current administration in Pearl has been building a city park for,going on, 5 YEARS. Still not finished.
Also they could not care less for the will of the taxpayers.

Anonymous said...

9:07, We are white and live in Pearl. I have not noticed white flight. Perhaps you should have thought harder. The city is improving. The schools are some of the best in the State. I saw a recent poll and Pearl was in the top 10 schools in the State with an A rating. I have been told by a realtor my house will sell fast because I am near a park and the school system.

Anonymous said...

According to a brief search, as of February, Jackson's rating was Baa3...anyone have any new information?

Anonymous said...

@6:46 not sure where you learned math, but the park construction began in 2020... nice try though! :)


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