UTICA, N.Y. — Fitch Ratings has upgraded the City of Utica’s credit rating from “BBB” to “A,” Utica Mayor Robert Palmieri and Comptroller William Morehouse announced Tuesday.
Utica earned a three-notch upgrade, which is significant because “Fitch rarely increases credit ratings by more than one notch at a time,” the city contended in a news release.
“Multiple” financial rating institutions, including Fitch, have upgraded the city’s financial outlook “over the past several years,” establishing a “consistent pattern and trend” for the city’s financial recovery, the City of Utica said.
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Fitch’s report says the credit-rating upgrade resulted from Utica’s “strong” budget management during its economic recovery and “conservative” budget practices which increased its reserves for a fourth consecutive year.
The report also went on to say that even though Utica’s fund balance was “completely depleted” in fiscal years 2009 through 2012, Palmieri and Morehouse have “rapidly rebuilt” the reserves during their tenure to a level “in excess of the city’s mandated minimum fund balance.”
Contact Reinhardt at ereinhardt@cnybj.com