CITY OF SPRINGFIELD RECEIVES BOND UPGRADE FROM STANDARD AND POOR’S RATINGS SERVICES
Office of Mayor Domenic J. Sarno
September 11, 2013 -Springfield, MA- Mayor Domenic J. Sarno, CAFO Timothy J. Plante and the City of Springfield’s finance team have been notified by Standard and Poor’s Ratings Services that the City of Springfield’s long term rating has been upgraded to A.
Standard & Poor's Ratings Services (S&P) cited; “S & P- raised its issuer credit rating (ICR) on Springfield, Mass. to 'A' from 'A-' based on our view of the city's progress toward rebuilding its reserve levels, which is due, in part, to a proactive financial management team that took control of the city's finances after a period of commonwealth oversight.”
Mayor Domenic J. Sarno stated; “Faced with the worst economy since the great depression, natural and man-made disasters; the Sarno Administration continues to solidify the City’s fiscal foundation. I am extremely proud of our whole financial team headed by CAFO TJ Plante” Mayor Sarno further stated “Our goal will continue to be efficient, effective, and compassionate delivery of City services as we move our Springfield forward.”
S & P cited the following factors in increasing the City’s credit rating:
- Strong total available general fund balance that management expects to maintain.
- Strict adherence to financial policies.
- Significant management decisions/actions to balance the budget.
- Full repayment of state loans in fiscal 2009, which were related to the city's 2005 budget deficit
- Low debt
Chief Administrative and Financial Officer TJ Plante stated; “This is a tremendous accomplishment for our City and demonstrates our commitment to our strict financial policies. Earlier this summer, Moody’s maintained our bond rating and now Standard and Poor’s believes so strongly in our financial management and ability to make difficult decisions to balance our budget, they have upgraded our bond rating. I am happy to report that we as a City have not only taken ownership and accountability for our finances, we did so while grinding out the great recession and maintaining vital services.”