For Immediate Release

July 14, 2018

City’s credit bond rating receives improved outlook for second consecutive year

Moody’s: positive rating outlook reflects administration’s budgetary practices and management

TROY, NY – Demonstrating continued progress for the City of Troy’s financial condition, Mayor Patrick Madden today announced the Collar City’s bond credit rating has been affirmed as “A2” with a revised outlook to positive from stable, the second consecutive year that Troy has received an improved bond rating forecast.

“The positive assessment of Troy’s bond credit rating from Moody’s reflects a cautious but growing confidence in Troy’s economic future. Through continued focus on strong oversight of municipal spending and approval of two consecutive balanced budgets, my administration has made significant progress in repairing our city’s financial foundation. We remain optimistic that our efforts will keep us on the right path toward further rating improvements and continue the economic growth and revitalization of our city.”

According to Moody’s, the positive outlook reflects the administration’s strong oversight of city finances and fact-based budgeting practices. In 2017, the City’s rating was revised from negative to stable. Removal of the negative outlook was a top priority for the Madden administration after assuming office in 2016.

The full rating action is available on the Moody’s Investors Services website.

For up-to-date announcements from Troy City Hall, please visit www.troyny.gov/category/city-news/

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Press Contact:

John Salka, Deputy Director of Public Information

[email protected] / (518) 279-7131

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