Troy, NY – S&P Global ratings, a leader in providing independent ratings and data to the capital and commodity markets worldwide, has assigned the City of Troy an A+ long-term rating. This is the second consecutive review that has yielded an A+ rating for the city.
In addition to the rating, Troy was given a financial outlook of ‘stable’ by S&P. The review states that Troy’s economy continues to grow, and ongoing development continues to provide increasing revenues, which supports the city’s efforts to maintain structural balance.
S&P views the cities steps to lower a portion of fixed costs positively, including increasing its BANs (bond anticipation note) paydown and reducing interest while one-time revenue to pay down a portion of the deferred pension costs, freeing up more than $500,000 in previously earmarked money.
“To receive an A+ rating from S&P is a reaffirmation that the City of Troy is on the right path with a strong financial foundation,” said Mayor Carmella Mantello. “We look forward to continuing to build on this success by advancing critical infrastructure projects, such as lead pipe removal and improvements to our water plant and delivery system, to better serve the citizens of Troy.”
The stable outlook reflects S&P Global Ratings’ expectation that Troy will achieve balanced fiscal year-end results as it continues to create space by reducing debt issuance while looking to keep expenses manageable.