Moody’s Ratings gives City of Syracuse A1 credit rating

SYRACUSE, N.Y. — Moody’s Ratings has given the City of Syracuse an A1 credit rating, which Syracuse Mayor Ben Walsh says “solidifies Syracuse’s progress toward fiscal sustainability.” Moody’s Ratings — which was formerly called Moody’s Investors Service and is the bond credit-rating business of Moody’s Corporation — gave the City an A1 rating and a stable outlook for the fourth year in a row. “With support from our local, state and federal partners, the City of Syracuse has maneuvered a wide range of financial conditions while maintaining our fiscal stability,” Walsh said in the announcement. “The Moody’s Rating is more than a good report card. Taxpayers benefit from a better credit rating, because it lowers the cost of borrowing money. That results in financial savings to the city.” Walsh’s office cites the Moody’s report as indicating Syracuse “benefits from a materially improved financial position over the last several fiscal years and considerable growth prospects, including the Micron semiconductor plant that will be located just north of the city in Clay. These positive factors, coupled with proactive fiscal management, help offset some notable credit challenges. The city remains the economic hub for a substantial portion of Upstate New York.” Moody’s said its stable outlook, “reflects our expectations that despite some budgetary pressure, the city’s reserve position will remain satisfactory for the near to medium term. The outlook also incorporates our expectation of continued economic development,” per the Friday announcement from Walsh’s office.