Mayor Walsh says new reports indicate City is “on the right track”
SYRACUSE N.Y. – Standard & Poors Global Ratings (S&P) upgraded its outlook for the City of Syracuse to Stable and maintained the City’s rating at A in its 2019 update. The S&P finding comes at the same time that Moody’s Investor Services, another of the top worldwide credit rating agencies, maintained its Stable outlook and its A1 rating for Syracuse. Both services issued their reports after comprehensive reviews of the City’s fiscal status.
“We’re very pleased with the conclusions reached by S&P and Moody’s. They reflect a great deal of hard work being done by many people who work for the City,” said Syracuse Mayor Ben Walsh. “Importantly, the reports come with clear guidance on what the City can do to continue to improve its financial position. We still have much to do and many more difficult decisions ahead, but the reports clearly indicate that we are on the right track.”
S&P revised the outlook on its A long-term rating and underlying rating (SPUR) on the city’s general obligation debt to stable from negative. According to S&P, “The outlook revision reflects S&P Global Ratings’ opinion of the city’s positive fiscal year-end 2018 results, coupled with revenue growth, as well as immediate and long-term expense controls. The rating service expects the city will likely maintain positive operating results over the long-term, continue to build reserves, and address deferred capital needs and long-term liabilities.”
Moody’s maintained an A1 bond rating to Syracuse and continued its Stable outlook for the City. According to Moody’s, “The stable outlook reflects our expectations that despite budgetary pressure, the city’s reserve position will remain satisfactory for the near to medium term. The outlook also incorporates our expectation of continued modest tax base growth.”
“Not only are these ratings important indicators of the progress we are making, they also deliver significant immediate benefits to taxpayers and the City,” Walsh said. “They mean our borrowing terms should be better which reduces the costs of projects we undertake. All of which contributes to the long-term improvement of the city’s financial health.”