City receives AAA rating by Fitch Ratings
Citing strong financial performance, prudent budgeting and a broad and diverse economy, Fitch Ratings assigned Saint Paul’s general obligation bonds a AAA rating this week and deemed Saint Paul’s rating outlook as “stable.” Saint Paul joins a select group of only 82 cities rated AAA by Fitch nationwide.
“This rating reflects Saint Paul’s strong and resurgent economy, sound budget and sturdy financial outlook.” Mayor Chris Coleman said. “The country as a whole has been through some difficult economic times, and managing taxpayer dollars responsibly has been my top priority. Fitch’s AAA rating is proof that our hard work and years of tough decisions have succeeded.”
“It’s great to see the financial stewardship of the City Council and the Mayor reflected in this positive rating,” Saint Paul City Council President Kathy Lantry said. “We’ve had to make some tough decisions over the past several years, but this acknowledgement by the financial community indicates that Saint Paul is on the right track.”
Specifically, the Fitch report recognized:
- Saint Paul’s resilient, diverse and growing economy
- Saint Paul’s consistent stable financial performance and reasonable reserve levels
- Saint Paul’s diverse employment base
- A willingness to make tough decisions to manage revenue and spending in a challenging fiscal environment
“Saint Paul has worked hard to achieve structurally-balanced budgets and maintain positive financial outcomes each year,” said Saint Paul Finance Director Todd Hurley. “With a consistently strong financial management track record that includes six consecutive years of structurally-balanced budgets, a prudent fund balance reserve, and stable financial performance, the city is poised to remain financially vibrant for years to come.” The city also carries a AAA rating from Standard & Poor's. Fitch's full release can be seen here.