SYRACUSE, N.Y. — Moody’s has given the City of Syracuse an A1 bond rating and a stable outlook for the 7th straight year, Syracuse Mayor Ben Walsh announced Tuesday.
Moody’s, one of the nation’s top authorities on the fiscal health of public and private institutions, released the new credit rating on May 30, the mayor said.
“Moody’s objective assessment of Syracuse’s fiscal condition contradicts misrepresentations made recently about impending fiscal peril for the City,” Walsh contended in the announcement, referring to recent budget battles with the Syracuse Common Council. “Moody’s closely follows the challenges we face and how our team manages city finances. Their determination supports the fact that under this administration, Syracuse is in better financial health than it has been in decades.”
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Walsh’s office cites the latest Moody’s opinion as indicating, “Syracuse benefits from a solid financial position with available fund balance of approximately 33% of revenue at the close of fiscal 2024 and considerable growth prospects given the choice of Micron Technology Inc. to build a semiconductor facility in nearby Clay. These positive factors, coupled with a proactive management team, help offset some notable credit challenges.”
Moody’s also said 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.”
