Syracuse Sun

Syracuse Mayor Ben Walsh announced that the City has received an A1 credit rating with a stable outlook from Moody’s Ratings for the fourth consecutive year. This rating, provided by one of the nation’s leading authorities on fiscal health, underscores Syracuse's progress toward fiscal sustainability.

“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,” said Mayor Walsh. “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.”

According to Moody’s Report, 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, NY. 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 further noted that 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.”