ST. LOUIS, Mo. (KMOX) – A St. Louis county councilwoman is demanding answers from County Executive Charlie Dooley after Standard & Poor’s downgraded the county’s bond rating last week.
The ratings agency announced last Thursday, that they lowered the county’s bond rating from AAA to AA-plus.
Councilwoman Colleen Wasinger, R-Town and Country, sent a letter this week asking Dooley to provide more information about how and why the county’s rating was dropped, and what it means for the cost of loans and bonds the county currently has.
Last week, S&P stated that the move reflects new criteria for rating bonds which makes the ratings more transparent and forward-looking.
“The stable outlook reflects St. Louis County’s very strong management and our expectation that the rating will not change in the next two years because we believe the county will take the steps necessary to maintain its very strong budgetary flexibility and liquidity,” S&P credit analyst John Kenward said.
Dooley said then, “Nothing has changed in St. Louis County. The ratings system changed their categories.
“St. Louis County is still very solid and is still the best-run government as far as a fiscal responsibility and a budget process, it is still intact.”