Buffalo’s high credit ratings helped save city taxpayers $807,394, according to Comptroller Mark J.F. Schroeder.
Schroeder’s office refinanced $7.5 million in bonds this week that were originally sold in 1994 and were used to build what is now the First Niagara Center. The interest rate on the bonds, last refinanced in 2004, went from 5.46 to 2.96 percent.
The city carries ratings in the “A” category from Fitch, Moody’s Investors Service and Standard and Poor’s.
Those high ratings have helped the city save $23 million since January 2012, Schroeder said.