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Mayor Rob Rolison announced Wednesday the city has been notified by Moody’s Investors Service that the city's bond rating improved from "negative outlook" to "stable outlook," effective immediately.
It is the first time since Dec. 2010 the city's bond rating is no longer negative.
“It is a clear indication that our actions and the results of our policies are being viewed favorably by the markets," Rolison said.
Rolison cited the city's bus service being taken over by the county, $3 million in special assistance from the state's financial restructuring board and the city resolving collective bargaining issues with unions for the credit upgrade.
Despite the credit upgrade, the city is still facing a $12.5 million deficit in its general fund.
“We know there is much more work ahead of us”, Rolison said. “But our first priority of stabilization has been achieved, and from here we hold ourselves all to account for the real progress that is now within our grasp.”
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