Bond rating remains strong
S&P has city at AA+ once again
SARATOGA SPRINGS, N.Y. » City Commissioner of Finance Michele Madigan reported Standard & Poor’s Rating Services awarded the city a AA+ for 2017 and affirmed its AA+ rating on the city’s outstanding bonds.
Madigan delivered a report during the City Council meeting Tuesday.
“The city and its taxpayers are benefiting from the excellent policies, practices, budgeting and fiscal management of my administration. I will continue to lead with the conservative fiscal practices and sustainable city budgeting that protects the city’s AA+ rating,” Madigan said in a statement. “It is critical to all departments and our constituents as we strive to improve city infrastructure, maintain beautiful historic buildings, provide trails, recreation and open space, and keep the city safe. I am very proud of this outstanding bond rating and pleased to bring it home to the city of Saratoga Springs.”
The city has received an AA+ for the sixth consecutive year. S&P retained the city’s “stable outlook,” as well as its Financial Management Practice Assessment of “good.”
S&P described the city as a commercial and industrial center for the surrounding areas as well as a popular summer destination due to Saratoga Race Course, Saratoga Casino and Raceway and Saratoga Performing Arts Center. S&P described the city as having a very strong economy, strong management conditions, with “good” financial policies and practices, very strong budgetary flexibility, a very strong economy, and adequate budgetary performance.
“Given the city’s history of adequate to strong budgetary performance, we expect the city to maintain or slightly improve its current budgetary performance levels,” S&P said in the report.
According to the Standard & Poor’s website — www.standardandpoors.com — a AA rating means an entity “has very strong capacity to meet its financial commitments. It differs from the highest-rated [AAA] obligors only to a small degree.”