The city of Manitowoc has received an upgrade to its’ municipal bond rating. Council President and 2nd district alderman Scott McMeans said this morning that after receiving a financial downgrade by Moody’s almost 10 years ago due to high debt, low reserves and an unstable economy the city continued to move into a very favorable position with another step in improvement. The Finance Committee member explains a Moody’s rating of A-1 with a positive outlook means lower borrowing rates. McMeans stated the rating is earned with continued improvements in reserves, lowering of debt obligations and a continuous trend of higher revenues from an increased tax base. He adds, “While we have more to battle to A-2, we are trending the right way.” The Council president also points out that other local taxing entities will benefit from this enhancement as future borrowing will decrease with better interest rates for the city, resulting in improved value to individual and business taxpayers alike. This, he says, is unique to our market.