Allentown bond rating upgraded to A+
S&P Global raised Allentown’s general obligation bond rating to A+ with a stable outlook, citing seven consecutive audited surpluses and $76.8 million in city reserves.
The City of Allentown has reported that S&P Global has upgraded its general obligation bond rating from an ‘A’ to an ‘A+’ with a stable outlook, reflecting continued financial strength and responsible fiscal management.
In a release Mayor Matt Tuerk said the upgrade reflects the city’s seven consecutive years of audited general fund surpluses, with city reserves growing to $76.8 million, which is more than half of annual general fund revenues.
S&P cited the City’s stable economic growth, manageable debt burden, and consecutive general fund surpluses as key factors for the upgraded rating.
“Our city has made a strong commitment to responsible financial management, and this upgrade reflects years of disciplined budgeting and long-term planning,” said Tuerk “This milestone puts us in a stronger position to invest in critical priorities while keeping costs down for taxpayers.”
He said the S&P’s stable outlook indicates confidence that the city’s Finance Department has and will continue to follow the city’s Investment and Fund Balance policies to maintain balanced operations and health reserves in the years ahead.