Utica’s Credit Rating Upgraded By Fitch
There's some good financial news for the City of Utica.
Fitch Ratings has upgraded Utica's credit rating from "BBB" to "A."
Mayor Robert Palmieri says the three notch upgrade is an impressive accomplishment, since Fitch rarely increases ratings by more than one notch at a time.
Fitch's report states the credit rating upgrade is a result of the City's strong budget management during its economic recovery and budget practices that have increased Utica's reserves for a fourth straight year.
Palmieri said, “The transformation of our financial condition could not happen without many people working together for the betterment of our City. This announcement is further proof we are moving in the right direction, and I commend and thank Comptroller Morehouse for his great work and partnership.”