S&P Global Ratings raised its rating on York, Pa.’s outstanding general obligation (GO) debt two notches to ‘A-‘ from ‘BBB’, based on recent improvements in the city’s budgetary performance and flexibility which they believe are sustainable. The outlook is stable.
“Our Administration has always been focused on leaving the city in better financial status than we found it and this upgrade fully demonstrates our commitment to that goal. I am honored to leave the City in great financial shape. I thank and commend Michael Doweary, our Business Administrator whose leadership, knowledge, hard work and team work deserves all the credit for this upgrade,” stated Mayor Bracey.
S&P Global Ratings noted York’s budgetary performance as strong and that recent experiences are the results of a combination of actions taken by the City. The ratings institute stated, the positive fiscal 2016 year-end results are in spite of reduction to the city’s property tax rates.
Business Administrator Michael Doweary, stated he is pleased the city’s work is being noted twice in one year by S&P, and grateful to everyone who has assisted in our city’s financial turnaround.