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COLUMBIA (WACH) -- The city of Columbia received some good news when it comes to its credit rating.

Moody's Investors Service retracted the negative outlook given to the city's credit rating in 2009.

The outlook predicted major financial hurdles in Columbia's future but now Moody's says the city is stabilizing.

City Manager Steve Gantt took over the full-time position when the 2009 rating was released.  Just over a year later he's giving credit to aggressive measures taken to curb the city's debt and overspending.

"On average, it normally takes three years for an agency to get off the negative outlook list," Gantt says.  "The fact that we were able to achieve this within one year speaks volumes of our staff's dedication.  This bond rating is definitely a positive accomplishment for the city of Columbia."

The improved outlook will allow the city to borrow money at a lower rate which city officials say will result in lower taxes.