Syracuse Mayor Ben Walsh announced Fitch Ratings upgraded its bond rating for the City of Syracuse to A+. In addition, Fitch, one of the nation’s top authorities on the financial health of public and private institutions, held its outlook on the City’s fiscal status at stable.
“Syracuse is making the long, hard climb back to fiscal sustainability. The Fitch upgrade is another indicator that we are getting closer to that goal” said Mayor Walsh. “A stronger bond rating means the City benefits from lower costs of borrowing money which will result in real savings to taxpayers. It’s also a sign of stronger fiscal stability which means we are better able to improve services and address the challenges our residents face.”
According to the new Fitch upgrade, “Fitch expects that the city will continue to face some challenges related to expenditures growth in excess of revenue but will work towards structural budget balance with limited reliance on reserves.” Fitch’s report says Syracuse has “very strong financial resilience.”
Last year, despite the challenges of the pandemic, the nation’s two other top ratings agencies, S&P and Moody’s Financial Services, maintained the City’s fiscal outlook at stable. S&P also affirmed its long-term bond rating for the City, and Moody’s maintained its A1 bond rating. The City’s credit determines the interest rates for long-term borrowing by the City.
Also in late 2021, the City of Syracuse received an independent audit report free of “material weaknesses” in internal financial controls for the second straight year. The audit also found no “significant deficiencies” for the first time since outside auditors were required to report such matters in internal controls.
“These achievements are the result of hard work by people across city government, especially in our Finance, Budget and Administration teams. It also represents effective fiscal oversight by the Syracuse Common Council,” said Mayor Walsh.