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Tue April 21, 2009
S&P Raises New Orleans Bond Rating
By Eileen Fleming
New Orleans, La. – S&P said positive signs for New Orleans include the return of major employers and about 70 percent of the population after Hurricane Katrina in 2005. What it found lacking included income levels below the national average, and an infrastructure still needing work. It's that infrastructure the city is hoping to continue fixing by selling $80 million dollars in bonds this year. The sale has been delayed by a lower rating, and a sluggish national economy. New Orleans Mayor Ray Nagin said the boost by S&P along with recent upgrades by Fitch Ratings and Moody's Investor Services puts the city in a "greatly enhanced position" to continue recovery work. For NPR News, I'm Eileen Fleming in New Orleans.