April 17, 2009 – Earlier this week, Mayor Domenic J. Sarno and City Officials traveled to New York City to meet with bond rating agencies regarding the City’s bond rating. Mayor Sarno and his financial team presented details of the City’s strong financial management practices, plans for the transition back to local control from the state imposed Finance Control Board, and other Springfield initiatives such as Mayor Sarno’s economic development, debt and capital management strategies.
The City received word today that Standard and Poor’s has given the City a full level upgrade to BBB+ with a stable outlook. “This is terrific news for the City of Springfield,” said Mayor Sarno. “To get this upgrade, especially during a very fiscally rocky time for the entire country demonstrates that the City has made significant strides during the first year of my administration which has allowed Standard and Poor’s to find the confidence in our City to grant this upgrade,” stated Mayor Sarno. “This will translate into significant cost savings for the City moving forward which is increasingly important as our City continues to deal with its current financial situation,” said Sarno.
Prior to the upgrade, the City had a bond rating of BBB. It was only a short time ago that the City was dealing with junk bond status. The City is still awaiting word from Moody’s on their bond rating decision and expects that decision in the coming days.