![Moody’s Upgrades Utica’s Credit Rating](http://townsquare.media/site/41/files/2017/06/Utica-City-Hall-Arch-2.jpg?w=980&q=75)
Moody’s Upgrades Utica’s Credit Rating
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.
More From WIBX 950
![Peek Behind the Curtain at the Incredible Renovations Being Made to the Olbiston Apartments in Utica](http://townsquare.media/site/41/files/2023/11/attachment-Olb-1-e1699580319545.jpeg?w=980&q=75)
![Latest Multi-Million Dollar Investment Downtown Utica](http://townsquare.media/site/41/files/2023/03/attachment-downtown-housing.jpg?w=980&q=75)
![Utica Councilwoman: ‘I Wanna Know Why They’re Hiding It’](http://townsquare.media/site/41/files/2021/10/attachment-utica-city-hall.jpg?w=980&q=75)
![Decision Made on Utica Complete Streets Design – Trail Period Extended](http://townsquare.media/site/41/files/2023/01/attachment-Untitled-design-2023-01-26T113959.382.jpg?w=980&q=75)
![New Mural Coming to Downtown Utica’s Liberty Bell Park](http://townsquare.media/site/41/files/2022/11/attachment-Add-a-little-bit-of-body-text-1.jpg?w=980&q=75)
![Palmieri Appoints Utica Civilian Public Safety Advisory Board](http://townsquare.media/site/41/files/2018/01/Utica-City-Hall-Arch.jpg?w=980&q=75)
![Utica Harbor Point Project Moves Forward](http://townsquare.media/site/41/files/2022/06/attachment-harbor-1.jpg?w=980&q=75)
![Demolition Underway At Former Charlestown Mall Site](http://townsquare.media/site/41/files/2022/06/attachment-IMG_3132.jpg?w=980&q=75)
![Utica And Deerfield Reach Agreement To Address Flooding Issues](http://townsquare.media/site/41/files/2022/04/attachment-vidar-nordli-mathisen-ZZvsfoidr5g-unsplash.jpg?w=980&q=75)