York city financial rating upgraded for second time in 2017

Written by Rick Lee/The York Daily Record | Dec 6, 2017 10:28 AM

Storefronts along Philadelphia Street in downtown York

(York) -- York's financial rating has been bumped two more notches - the second time this year - from BBB to A- by S&P Global Ratings. 

S&P's rating system, ranging from the top at AAA to the worst at D, is an outlook on the city's credit rating and its ability to meet its general obligations. 

According to a statement by S&P released on Dec. 5, the rating upgrade is "based on recent improvements in the city's budgetary performance and flexibility which we believe are sustainable." 

In May, S&P had upgraded the city's credit rating from BB+ to BBB. These upgrades allow the city to refinance its existing bonds at a lower interest rate. 

The S&P release also states it has "assigned our 'A-' rating to the series 2017 Guaranteed Sewer Revenue Bonds issued by the York City Sewer Authority." 

"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," said S&P credit analyst Kathryn Clayton. 

Mayor Kim Bracey commended the city's business administrator Michael Doweary, "whose leadership, knowledge, hard work and team work deserves all the credit for this upgrade." 

Bracey also said she is "honored to leave the City in great financial shape." 

Mayor-elect Michael Helfrich, the current city council president, is to be sworn in as mayor in January. 

York director of communications Edquina Washington said in a media release that S&P noted "the positive fiscal 2016 year-end results are in spite of reduction to the city's property tax rates." 

This story comes to us through a partnership between WITF and The York Daily Record

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