The city of Bridgeport received some encouraging news for its economic health on Friday.

Mayor Joe Ganim announced the city received an A+ bond rating for the first time ever.

“When you have the most conservative analysts on Wall Street give you an A+ rating on our bonds, it means millions of dollars of savings for the residents of the city of Bridgeport,” he said. “It's a good day for the city."

The city uses bonds to pay for major projects, like infrastructure, that are financed over time.