The credit rating agency Standard & Poor’s has bumped up Pittsburgh’s credit rating three notches to A, a move that could save the city money on future borrowing by improving the city’s credit profile.
The agency cited a number of factors in moving the city’s credit rating up from BBB. First, it said the city’s resilient economy and “deep and diverse economic base” which allowed the city to fare relatively well during the economic downturn. It also cited the presence of two state-appointed oversight boards that have kept close tabs on the city’s budget since the state of Pennsylvania declared it financially distressed nearly a decade ago.
S&P analyst Andrew Teras also cited the city’s debt management, increase in reserves and ability to manage long-term liabilities, like pensions.