The City of Buffalo’s credit rating from Standard & Poor’s increased, from A to A plus, which could help the city secure a lower interest rate when it borrows money next month for capital projects.
Gov. Andrew M. Cuomo said the rating upgrade “is proof positive that our economic development strategy in Western New York is working,” in a statement released Thursday.
The rating agency cited “state-supported economic development” in its rationale for the upgrade, which Cuomo noted.
Comptroller Mark J.F. Schroeder said S&P cited the strength of the city’s reserve accounts, as well as developments in health care and high-tech manufacturing that could add to the city’s employment and tax base.
Moody’s and Fitch also released ratings for the city this week, and they were unchanged at A1 and A plus, respectively.