EBENSBURG - Cambria County commissioners will renew their efforts this year to obtain an improved bond rating that would be more attractive to investors and that could produce sizable savings in a bond refinancing.
On Friday, the commissioners agreed to retain Boenning & Scattergood Inc., a Pittsburgh investment firm, to assist the county in seeking the improved rating from Standard & Poor's, a New York credit-rating service.
The Pittsburgh firm will provide the service free, with the possibility it could seek – in competition with other firms – to handle a bond refinancing if S&P upgrades the bond rating, the commissioners said.
A new bond issue at a lower interest rate could potentially mean a savings of $1 million, county Controller Ed Cernic Jr. said.
Cambria's bond rating has been at BB since 2005. While the rating service said the county has a stable outlook, the BB rating still is considered non-investm...
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