The top three rating services have all upgraded Atlanta’s credit rating, Mayor Kasim Reed announced recently.
Standard & Poor’s raised its rating to AA+ from AA; Moody’s raised its rating to Aa1 from Aa2 and Fitch has increased its rating to AA+. The upgrades represent the highest credit rating Atlanta has had in more than two decades.
“These upgrades reflect the commitment of my administration to restore the city of Atlanta’s finances and put us on a solid fiscal foundation moving forward,” said Mayor Reed. “Despite the economic challenges of the past, we have increased the city’s reserves, worked with the Atlanta City Council to pass sound, balanced budgets and invested in public safety and young people.”
Important factors for the rating agencies’ decision include pension reform, increasing the city’s reserve funds and implementing strong fiscal controls and budgetary practices. The Reed Administration has passed six consecutive balanced budgets, building cash reserves to more than $150 million and property taxes have not been raised for six straight years, according to city officials.