Utica Earns ‘A’ Rating With Standard And Poors For First Time In History
Standard & Poors has upgraded the City of Utica's credit rating from "BBB+" to "A-".
S & P has rated Utica since 1987 and this is the first time in 30 years the City's achieved an "A' rating.
The announcement comes on the heels of the City earning a rare three notch upgrade from Fitch Ratings last month.
The S & P report states the upgrade is the result of Utica's continued improved financial performance, including building reserves, which has led to strong budgetary performance.
Mayor Robert Palmieri said, “It is clear and undeniable Utica’s moving in the right direction as this announcement is further validation from financial experts our recovery plan is working.” The Mayor continued, “I look forward to working with my colleagues in City government to ensure this trajectory continues.”
Comptroller William Morehouse said, “Standard & Poor’s is considered a global leader in rating services among the financial community and to earn an “A” rating for the first time in Utica’s history is truly a remarkable accomplishment and benchmark for the City.”