Mayor Luke Ravenstahl and City leaders today announced that their recent New York City trip geared at encouraging international bond rating agencies to upgrade the city's credit rating proved successful. This evening, Moody's and Standard and Poor upgraded the City's credit rating from A1 negative to A1 stable and BBB negative to BBB stable, respectively. Fitch reaffirmed the City's A stable rating.
"This is great news for City taxpayers," Ravenstahl said. "We've turned the financial page from one of 'junk' ratings to 'A' ratings, resulting in significant savings. This is our ninth bond rating upgrade since I've been mayor and with renewed cooperation from City Council, our ability to further improve our financial situation is even more promising."
The upgrades will save taxpayers a significant amount of money through lower interest rates when the City goes to market on January 30th for an $80 million bond issuance and a $45 million refinancing issuance.
The Mayor was accompanied by City Council President Darlene Harris and Council Finance Chair Ricky Burgess in making the case for Pittsburgh's prudent finances.
"This is great news," said Council President Darlene Harris. "I believe that Council and the Mayor speaking as one voice about how great Pittsburgh is and how well we are fairing financially through the current economy helped to influence the upgrades."
Harris continued, "When we were at their offices, S&P downgraded the entire country of France and several other European communities. When you put that into perspective, the stable rating should also be considered a victory."
"Today's announcement about the City's ratings upgrade indicates that there is external evidence that prudent and conservative fiscal management is achieving economic growth and stability," said Council Finance Chair Ricky Burgess. "Our recent trip to New York and the resultant outcomes illustrate what is possible when City Council and the Mayor work together."
Thursday, January 19, 2012
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Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687