Lack of job growth drops La Crosse’s annual bond rating
LA CROSSE, Wis. (WKBT) — The city of La Crosse’s credit rating is taking a hit after a slump in job growth.
The agency Standard and Poor’s, downgraded the city’s credit rating to a double A, from a double A plus which it was a year ago.
A part of the reason for the drop in rating is the lack of job growth in the area.
Last year, the metro area saw a loss of about 250 jobs.
Even though the area’s job growth was not up to the agency’s standards, the city’s director of finance says there are positives to take away from their report.
“They do make a point of talking about the city’s strong financial policies. There are strong budget policies the fact that 87 percent our debt is retired in a 10 year period,” said Kelly Branson.
Despite the down grade in credit rating, the city’s interests rates have come in lower than expected.