YONKERS, N.Y. -- Standard & Poor’s has upgraded its rating of Yonkers’ general obligation bonds to A+, an upgrade of three notches from the city’s previous BBB+ rating, according to a press release from Mayor Mike Spano's office.
Citing its strong financial management, good fiscal policies and an improving economy, Standard & Poor’s said the city has a stable fiscal outlook.
“In Yonkers we’ve seen what can happen when Democrats and Republicans put politics aside to do what’s right for the people,” said the mayor in the release. “The City Council, working across the aisle, has been instrumental in our success to stabilize Yonkers’ fiscal outlook and grow the economy.”
Nicholas DeSantis, the city’s outside auditor, said Yonkers' new A+ bond rating is the highest since at least 1981.
Standard and Poor’s said Yonkers’ financial flexibility has improved considerably in the past few years when the city was assessed as having a negative fiscal outlook by Moody’s Investors Service as recently as 2011, the release said.
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