May 20, 2010 – Mayor Domenic J. Sarno traveled to Boston on Thursday May 20, 2010 with members of the City’s Finance Division to meet with major bond rating agencies. The purpose of the trip was to present the City’s financial condition and outlook to major bond rating agencies; Standard and Poor’s, and Moody’s Investors Service regarding the City’s credit and pending issuance of Qualified School Construction Bonds.
In April 2009, Standard and Poor’s had given the City a full level upgrade on its issuer credit rating (ICR) to BBB+ with a stable outlook. Standard and Poor’s opinioned that the upgrade received reflected the improvements in the City’s financial position and the strengthening of the City’s financial management systems. Moody’s had also issued a positive finding granting an enhanced rating to Springfield reflecting an improved financial position, positive operating results and significant progress towards establishing sound financial and administrative management practices. The City’s current rating was also recently upgraded by Moody’s due to a recalibration of the rating system to A2.
The City of Springfield typically meets annually with rating agencies to discuss the City’s progress around financial goals and priorities. Mayor Sarno will be accompanied by Chief Administrative and Financial Officer Lee C. Erdmann, Chief Development Officer John Judge, Finance Director Timothy J. Plante, Budget Director LeeAnn Pasquini, Treasurer Stephen Lonergan and City Comptroller Patrick Burns.
Springfield's presentation to Standard & Poor's (PPT)
Standard and Poor's response
Springfield's presentation to Moody's (PPT)
Moody's response
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