Standard & Poor’s Rating Services has rated the city’s credit worthiness at AA+ for the second year in a row.
An AA+ bond rating is high for a municipality and means that the institution considers the city’s ability to pay back debt “very strong.” It is just one notch below S&P’s highest rating of AAA.
Last year, S&P upgraded the city’s bond credit rating from AA to AA+.
This year’s rating also retains the city’s “stable outlook” and a “good” financial management practice assessment, Finance Commissioner Michele Madigan said.
S&P cited an improving real estate market, availability of jobs in the Albany-Schenectady-Troy region, wealth and income, good city financial operations and low city debt in arriving at the rating.
On the minus side, the rating service said union contracts that have not been settled could negatively affect the city’s finances.