City of Shreveport downgraded, assigned negative investment outlook
SHREVEPORT, LA (KSLA) - New findings by Moody's Investors Service show a downgrade in the city of Shreveport's General Obligation Bond Rating.
General Obligation bonds were last voted on in 2011. Since then, they have been issued to make improvements to the city's infrastructure, according to city leaders.
City leaders say the downgrade does not affect the status of its revenue bonds.
According to the findings, the downgrade comes from a weakness in the energy sector limited the local economy.
The findings reported that "ongoing development was minimal... absent economic recovery and new development; the city's tax base will likely remain sizeable but stagnant."
According to the report, the city could change the trend by improving resident income levels and employment trends.
Mayor Ollie Tyler says the city will evaluate the recommendations and work to improve its financial situation.
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