S&P boosts York's debt rating
Standard's & Poor thinks York is doing a better job with its finances, at least according to a recent increase in the city's S&P Global Rating.
S&P upgraded the city's general obligation debt rating by two notches, from BBB to A-, city officials said in a news release Tuesday. The city's financial future has a stable outlook, according to S&P, which provides credit ratings on bonds and other investments.
The upgrade opens the door for York to attract investors and refinance debt at lower interest rates than it currently can.
This is the second time in about seven months that York has received good tidings from S&P. The organization upgraded the city's general obligation bonds to BBB from BB+ this past spring, according to news reports.
Outgoing York Mayor Kim Bracey praised her administration's work leading up to the most recent improvement. Bracey, a Democrat who has served as York's mayor since 2010, lost her last bid for re-election to current city council president Michael Helfrich in November.
“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," Bracey said in Tuesday's release. "I thank and commend Michael Doweary, our business administrator, whose leadership, knowledge, hard work and team work deserves all the credit for this upgrade.”