Standard and Poor's Ratings Services issued a double bond upgrade to the city of Springfield.
"Faced with the worst economy since the Great Depression, natural and man-made disasters; the Sarno administration continues to solidify the city's fiscal foundation," Mayor Domenic J. Sarno stated. "I am extremely proud of our whole financial team headed by Chief Administrative and Financial Officer (CAFO) TJ Plante."
The long-term rating was upgraded from A to AA-. This is the first time Springfield's credit rating has been an AA-.
"Our goal will continue to be efficient, effective and compassionate delivery of city services as we move our Springfield forward," Sarno said.
Standard and Poor's Ratings Services cited the following factors in increasing the City's credit rating:
"This is a tremendous accomplishment for our city and demonstrates our commitment to our strict financial policies. This is considered a double upgrade because it jumped two notches on the bond rating scale and demonstrates that Standard and Poor's believes so strongly in our financial management and ability to make difficult decisions to balance our budget," said Plante.
"I am happy to report that we as a city have not only taken ownership and accountability for our finances, we did so while grinding out the great recession and maintaining vital services," he said.
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