York City's financial status gets another boost in 2017
For the second time in less than seven months, credit analysts have upgraded York City’s financial status.
Standard & Poor’s Global Ratings upgraded the city’s financial status one step in May — from BB to BBB — and on Tuesday, Dec. 5, the analysts boosted the city’s general obligation rating again.
The recent upgrade saw York City’s financial status climb two more notches to an A- rating, with analysts pointing to “recent improvements in the city’s budgetary performance and flexibility which we believe are sustainable.”
In the last two budget cycles, city officials have lowered property taxes while operating with a general fund surplus. The upgrade will allow city officials to secure better rates when borrowing funds.
“The stable outlook reflects our view of the city’s restored general fund reserves and very strong liquidity position, and a stable but weak overall economy,” S&P credit analyst Kathryn Clayton wrote in a news release announcing the upgraded rating.
York City Mayor Kim Bracey gave business administrator Michael Doweary all the credit for the rating upgrade, commending his “leadership, knowledge, hard work and teamwork.”
“Our administration has always been focused on leaving the city in better financial status that we found it, and this upgrade fully demonstrates our commitment to that goal,” Bracey said in a news release. “I am honored to leave the city in great financial shape.”