PRESS RELEASE, CONTACT: Jim Leydon, Communications Director
SPRINGFIELD’S OUTLOOK ELEVATED TO POSITIVE BY MOODY’S INVESTORS SERVICES
February 5, 2015 -Springfield, MA- Mayor Domenic J. Sarno, CAFO Timothy Plante and the City of Springfield’s Finance Team has been notified by Moody’s Investor Services that the City’s bond rating has been affirmed and elevated as A2 with a positive outlook. This is an improvement from the City’s previous rating of A2 with a stable outlook.
Mayor Domenic J. Sarno stated, “Springfield is on the rise and Wall Street is taking notice. I am proud and thankful for our residents and businesses resiliency and patience. As we arise out of the “Great Recession” and near the completion of our recovery from the natural and man-made disasters; our strategic and disciplined recovery process has allowed us to emerge stronger as we move forward to a brighter future.”
Moody’s report cited “The positive outlook reflects Moody's expectation that the city will continue to prudently manage its financial operations despite the limitations of the proposition 2 ½ levy limit. Additionally, we expect that in conjunction with the construction of a recently approved casino development, taxable values will continue to improve over the near term. Further, anticipated revenues from the casino project are expected to increase financial flexibility and allow the city to remain in compliance”.
Citing the City’s adherence to strict financial policies and ordinances; Moody’s also noted, “Property tax collections remain very strong, averaging over 99% in the last several fiscal years”.
Attached please find Moody’s Investor Services’ full report.