Three credit rating agencies affirmed the City of Buffalo’s A-level ratings as the city prepares to refinance old debt.
The city received an “A1” rating with Moody’s Investor Services, an “A+” from Fitch and an “A” from Standard and Poor’s, ratings that are expected to allow the city to borrow at lower interest rates.
The city expects to save $500,000 by refunding bonds that were sold to pay for school reconstruction.
The city also received a rating of MIG1 from Moody’s for $17.8 million in bond anticipation notes, which are used to cover capital expenses until bonds are sold. The rating is the highest Moody’s assigns for that type of debt.