The city of Toledo has maintained its bond ratings with New York bond rating companies, the Ford administration announced yesterday.
Moody's Investment Service rated the city's bonds A-3. Standard & Poor's rated the city A+ with a positive outlook, the administration said.
The ratings followed a trip to New York City June 26-27 by Mayor Jack Ford and other city officials to review the city's financial outlook and condition with the bond rating agencies.
Positive ratings result in lower interest rates when the city borrows money for public works projects.
“This is a multi-year approach we're taking,” Mr. Ford said in a prepared statement. “Next year we'll try to move up a little further in the bond rating agencies' eyes.”
Council President Peter Ujvagi said the positive ratings are due in part to council's hiring of the University of Toledo to make accurate revenue estimates over the past three years.
He also said council worked with the Ford administration to reduce spending to balance the budget.
In addition, Mr. Ujvagi credited the American Federation of State, County, and Municipal Employees Local 7 union for contributing to the city's financial picture by foregoing a wage increase this year.