Littlefield Debt Upgraded But Negative Factors Not Eliminated

The City of Littlefield’s debt was upgraded by Fitch Ratings to BBB- with a stable outlook. The rating is still not ideal...
LITTLEFIELD, TX -- The City of Littlefield’s debt was upgraded by Fitch Ratings to BBB- with a stable outlook. The rating is still not ideal, and Fitch points to several weak economic factors.  

Littlefield still owes money for the creation of a detention center in 2006 that now sits empty. The idea was to house state inmates for a fee and create local jobs. Inmates were taken out in 2009, but the debt payments will continue until 2030.

Fitch noted that Littlefield took decisive action to improve its budget, saying, “The upgrade is based on demonstrated prudent budget actions that have increased revenues and control spending.”

And if Littlefield can sell the detention center then Fitch might upgrade the city again.

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