General obligation bonds rating for the City of Nacogdoches improves

NACOGDOCHES, TX - Standard and Poor's ratings service has raised the rating on general obligation bonds for the City of Nacogdoches from A to A+.

City Manager Jim Jeffers noted the upgrade is a tribute to the Mayor and City Commission's stewardship of City funds.

In issuing the bond rating upgrade Standard and Poor's noted the City is the industrial and commercial center of Nacogdoches County and home to Stephen F. Austin State University.  Pilgrim's Pride, a leading employer, filed for Chapter 11 Bankruptcy on December 1, 2008 followed by layoffs but is now rehiring workers.  Standard and Poor's continued by noting there are several economic development opportunities, which once finalized, could add about 1000 jobs.

Mayor Roger Van Horn noted: "This is indeed a compliment to the City in light of the difficult economic times. I commend City staff for providing the City Commission with the necessary information to make sound financial decisions."