Mayor Luke Ravenstahl is happy to announce good financial news for the City of Pittsburgh. Moody’s Investors Service has upgraded Pittsburgh’s General Obligation Rating and the City’s bonds have been removed from their rating Watchlist.
Mayor Ravenstahl said of the positive financial news, “Our prudent fiscal management and budget proposals have helped us continue on the road to financial recovery and economic stability. This is good news for every stakeholder in the city, especially the residents and business community. It signals that we are in fact on the right track to a better future.” said Mayor Ravenstahl.
In their report Moody’s said, “The upgrade is a result of the City’s strengthening financial operations…the City projects additional surplus operations in fiscal 2006, leading to further augmentation of reserves.”
The rating service echoed Mayor Ravenstahl’s emphasis on Pittsburgh’s preeminence as a Bio-Science, High Technology, Education and Information economic center. “Moody's believes the strong institutional employment within Pittsburgh has acted as a stabilizing force to its economy, The City is particularly strong in the health care and educational sectors, with the presence of Carnegie Mellon University and University of Pittsburgh providing intellectual capital and stability to the employment base.”
Moody's Investors Service's removal of the City from the Watchlist and upgrading the general obligation bond rating to Baa2 from Baa3 makes Pittsburgh a more attractive investment option for investors in government securities.
Friday, October 6, 2006
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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