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Home > Leadership > City Comptroller > Archive Press Releases > 2009 Press Releases > City Gets Another Ratings Upgrade SanFilippo DELIGHTED By News

City Gets Another Ratings Upgrade SanFilippo DELIGHTED By News

Contact: Tony Farina, 851-5255

Buffalo City Comptroller Andy SanFilippo announced today Standard & Poor’s (S & P) has upgraded the city’s general obligation bonds to ‘A-’ from ‘BBB+’, the highest rating from the agency in what is believed to be nearly 30 years.

“I’m delighted with the upgrade,” said Comptroller SanFilippo, “and it shows that all our hard work is paying off with the rating agencies and for our taxpayers because these higher ratings translate into lower borrowing costs.  This is the fourth upgrade we’ve received in the last 30 months, and by far the most significant.  I would like to credit Mayor Brown and the Common Council for their budget monitoring efforts in restoring the city’s fiscal health in the wake of the 9/11 crisis.”

In its announcement, S & P said the upgrade reflected the city’s improved financial profile, stronger management controls, and the continued assistance of the Buffalo Fiscal Stability Authority.

Standard and Poor’s said the city and the BFSA “together have worked to achieve structurally sound operations for three consecutive years, as well as a four-year financial plan that clearly identifies out-year operating gaps and gap-closing measures; city management’s willingness and proactive approach in adopting many of the BFSA control mechanisms into its own charter, adding long-term stability to the credit; and structurally sound general fund operating surpluses achieved in each of the past three fiscal years, resulting in strong accumulated general fund reserves.”

Lasts December, Comptroller SanFilippo reported the city ended the 2007-08 fiscal year with a total fund balance of $133.3 million, up $15.9 million from the previous year’s record finish.  The three consecutive structurally balanced budgets were recorded without the borrowing assistance of the control board.

“This city is continuing to move forward and the announcement today by Stand & Poor’s is another sign of the progress we’ve made and are continuing to make,” said Comptroller SanFilippo.  “But while we are making gains, this is no time to lower our guard, given the uncertainty at the state level.  We must continue to be vigilant and move cautiously across the board to ensure our fiscal stability for many years to come.”