The city has seen an upgrade in its bond rating by two notches to A on General Obligation bonds according to a report by Standard and Poor's.
The upgrade will make it cheaper to fund a bond issue, pay less on bond insurance and is viewed as a symbol of financial stability for the city. "Despite disruptions in the financial markets and the U.S. recession, Standard & Poor’s believes that stability and sound management practices characterize many governments and that most will successfully manage through current events," the report reads.
Monroe was one of 19 municipalities in the Mid-Atlantic states that have been constrained by small size or remote location that were upgraded. "Historically a manufacturing-based economy, the city’s local economy reflects a growing service sector (currently at 32 percent of employment)," a Standard and Poor’s document reads.
"In our view the city’s tax base has displayed strong growth over the past four years ... and is expected to continue due to the commercial development spurred by the recent groundbreaking of a new $100 million hospital."