In a recent government meeting, city officials celebrated a significant upgrade in the city's bond ratings from Fitch Ratings, a leading national credit rating agency. Chief Financial Officer Oleg Gorkovsky announced that the city's general obligation bond rating improved from AA to AA stable, while non-ad valorem bonds were upgraded from AA negative to AA plus stable. This marks a notable achievement for the city, as it is now just one notch away from the highest possible rating of AAA.

Financial advisor Ted Cole elaborated on the implications of this upgrade, emphasizing that it enhances the city's financial position and lowers future interest rates and issuance costs for any upcoming debt. The upgrade is expected to attract more investors, as the bonds are now viewed as less risky, which will ultimately lead to lower debt service payments and reduced pressure on the city’s budget.

Cole highlighted the factors that contributed to the upgrade, including the city's financial resilience, management of reserves, and strong long-term liability metrics. However, he also cautioned that demographic challenges and potential increases in debt could negatively impact future ratings.

Commissioners expressed their gratitude for the financial management that led to this achievement, noting the importance of maintaining reserves to avoid past pitfalls that had resulted in downgrades. The upgrade is seen as a testament to the city's improved financial practices and leadership.

As the city looks to the future, officials are optimistic that the upgraded rating will facilitate funding for capital projects at lower costs, ultimately benefiting taxpayers through reduced interest rates on debt issuance.