Moody's has upgraded the City of Utica's credit rating from from Baa2 to Baa1.

Mayor Robert Palmieri and Comptroller Bill Morehouse say it's the highest rating the city has had with Moody’s in over five years.

The Moody's report states there is evidence of strong management, as the multiple operating surpluses the City's secured has steadily grown its fund balance.

Moody's is the third financial institution to upgrade Utica's credit rating this year.

S&P upgraded Utica to an "A" rating -- its highest rating grade in 30 years -- and the City earning a rare three notch rating upgrade from Fitch Ratings.

Palmieri said, “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.