Mayor Brown Says Upgraded Credit Rating Represents Great News For City Taxpayers

The City of Buffalo has earned a favorable, upgraded credit rating from Moody’s, putting Buffalo in an even better position for investment.  Mayor Byron W. Brown was notified today that the credit rating agency’s recent report upgraded the city’s bond rating to A1, the highest in Buffalo’s history.

“This is great news for city taxpayers,” said Mayor Brown, who noted that a government rating is similar to a personal credit rating: the higher it is, the less likely the chances of default on the obligation to repay a debt.  “It’s the latest sign of progress in rebuilding Buffalo’s economy, and reflects the city’s credit worthiness, strong financial position, and ability to repay debt that has a direct savings to taxpayers.”

In its report, Moody’s cited Buffalo’s “stable outlook” and “significant improvement of the city’s financial operations”.  The A1 rating from Moody’s, one of the big three national credit agencies, is an improvement over the A2 rating the city has received in the two previous years.  Buffalo maintained its high rating with the other two agencies, an A+ from Fitch and an A from Standard & Poor’s. 

City of Buffalo Budget Director, Donna Estrich, at the request of Mayor Brown, went to New York City last month to present Buffalo’s case to all three agencies, along with Buffalo City Comptroller Mark Schroeder.

“I believe that speaking as one voice about how great Buffalo is, and how well we are faring financially through the current economy, helped to influence the latest upgrade, demonstrating that all of Buffalo’ stakeholders are committed to improving the city’s finances,” said Mayor Brown.

Today’s announcement illustrates new external evidence that conservative fiscal management and policies is achieving economic growth and stability. Moody’s cited Buffalo’s rapidly growing medical campus, and Governor Andrew Cuomo’s pledge of $1 billion in incentives for private sector development as major factors driving the potential creation of thousands of jobs and new investment.