MAYOR PALMIERI & COMPTROLLER MOREHOUSE ANNOUNCE MOODY’S UPGRADES UTICA’S CREDIT RATING

Third Financial Institution to Upgrade Utica’s Credit Rating This Year

Mayor Palmieri and Comptroller Morehouse today announced Moody’s has upgraded the City of Utica’s credit rating.  It is the highest rating the city has with Moody’s in over five years. 

This announcement comes on the heels of S&P Global upgrading the City to an “A” rating; its highest rating grade in 30 years, and the City earning a rare three notch rating upgrade from Fitch Ratings earlier this year.

Moody’s report states the upgrade reflects the city’s improved financial position and cites a trend of structurally balanced operations leading to growth in reserves and improvements in the tax base.

The report also stated there is evidence of strong management as the multiple operating surpluses the city’s secured has steadily grown its fund balance.

Furthermore, last month Utica’s fiscal stress score, as measured by New York State Comptroller Thomas P. DiNapoli’s local government monitoring system, was cut in half and marked the second straight year the city’s score showed significant improvement.

Mayor Palmieri stated, “We faced tough fiscal challenges and made difficult budget decisions over the past five years but we stuck to our financial recovery plan.  The fact all three of the leading financial institutions have upgraded our credit rating and acknowledged our improvements is great news, but we still have more work to do to continue this positive trajectory.

Comptroller Morehouse stated, “By every measure, whether it be reports from the financial institutions or New York State Comptroller Tom DiNapoli’s Fiscal Stress Monitoring System, Utica’s financial position has greatly improved in recent years and it’s a testament to strong partnerships and everyone working together.”