LUBBOCK, TX (KCBD) - Here's some good economic news for Lubbock. The Fitch Bond Rating Agency upgrades Lubbock Power and Light to an A-.
Fitch Ratings boosted LP&L's rating from a BBB+ to an A- based on the company's continued financial improvement. LP&L is owned by the City of Lubbock. Because LP&L's financial health has improved, it now pays the city more than $400,000 per month. That money helps to lower the property tax rate.
By the way, Fitch says LP&L has $75 million in reserves.