FRESNO (KMJ) — The City of Fresno’s credit rating is on the up.
Standard and Poor now gives the city an ‘A+’ investment rating for 2017, a five-level improvement compared to 2016’s ‘BBB-‘. Both Moody’s ‘A3’ rating, and Fitch’s ‘A’ rating, are unchanged from 2016.
“It means overall savings to both ratepayers and to taxpayers of over $35 million over the next 22 years,” announces Mayor Lee Brand.
That would come from savings from improved interest rates.
“To put it in concrete terms, there’s money for police officers, firefighters, streets, curbs, gutters, potholes, parks, park trails – a lot of money that the city is going to need to meet ever demanding city services.”
But despite the good news, the City Manager reveals Fresno hasn’t recovered entirely from “The Great Recession” of the late 2000s.
“Going forward the biggest challenge is how do you address all those needs with limiting resources,” says Bruce Rudd. “Address all those needs which is why we’re going to continue to work with the Mayor to come up with ways to grow the economy. Our announcement with Ulta is a step in the right direction.”
City officials add that the credit rating improvement is a testament to the work of former mayor Ashley Swearengin and those who worked in her administration.
Hear the report from KMJ’s Dominic McAndrew as it aired:
