FOLEY — The city of Foley’s financial status has received high marks.

The Forward City learned last week that Standard and Poor’s has given the municipality a AA-bond-credit rating.

“It says we’re doing very good with the city’s finances,” Foley City Administrator Mike Thompson said in a recent phone interview.

So well that only two ratings are higher.

“Above AA is AA-plus,” Thompson said. “Then there’s AAA.”

Foley’s current rating is an improvement from that of AA-minus, which the city last held.

“Which is a grade up from where we were before,” Thompson said.

That was about three years ago.

“We haven’t been in the bond market in a while,” Thompson said.

Foley’s current rating comes from last month’s contract with Schneider Electric to make improvements in the city’s infrastructure that are anticipated to save $166,000 in annual energy costs.

As previously reported, the contract provides that the city would pay $35,000 per year over the next 10 years for a number of upgrades to city facilities, part of which is anticipated to be funded with a grant from the Alabama Department of Economic and Community Affairs. According to the contract documentation, the project includes a new climate-control system will be installed in Foley City Hall, the Community Development Center, Fire Station, Foley Public Library, Public Works Department, Senior Center, Train Depot, Parks and Recreation Building.

In addition, lighting and controls retrofits will be installed at the Foley Municipal Airport, Chamber Building, Foley City Hall, Community Development Center, Fire Station, Justice Center, Foley Public Library, Parks and Recreation Department, Public Works Department, Rose Trail, Foley Senior Center, Train Depot, Max Griffin Park, Aaronville Park, Mel Roberts Park and Foley Sports Complex and Soccer Park. Plus, such mechanical improvements as new restroom exhaust and fan boxes or ductwork are planned for the Chamber Building, Foley City Hall, the Community Development Center and the Justice Center.

“The benefit to the city is we’re getting improvements to our infrastructure,” Thompson said of the 12-month project.

He explained that the additional benefit is that the money spent on the project will be recouped in the savings on energy costs. Otherwise, Schneider Electric will pick up any excess expenditure not recouped.

As for the bond rating, that’s part of the process to put the bond that will set the improvements in motion on the market.

“I think we’ll be selling that bond in January,” Thompson said, adding that he hopes work on the project to begin in mid-Febrary.