For the second time this week, a financial rating agency has upgraded Utica's financial outlook.

Standard & Poor's has upgraded Utica's outlook from "stable" to "positive", while Fitch Ratings upgraded the city's outlook earlier this week.

S & P says the positive outlook reflects Utica's improvements in financial operations over the past three fiscal years, strong budgetary performance and an operating surplus in 2014.

The report went on to say that the City has reached structural balance over the past couple of fiscal years and has increased available general fund reserves substantially.

Mayor Robert Palmieri says the fact that a second financial institution has upgraded Utica's outlook is further affirmation that the city's recovery plan is working.