City of St. Louis, MO

23/07/2024 | Press release | Distributed by Public on 23/07/2024 22:32

City of St. Louis 2023 Credit Rating Reports

City of St. Louis 2023 Credit Rating Upgrade Reports.

"...Rating agencies reported that the city's good credit depends on its sound financial management and budgeting policies."

July 23, 2024 | 2 min reading time

The city has earned and maintained good credit for 30 years for its strong fiscal management and budgeting policies. Protecting and maintaining the city's good credit is hard work; that's why I'm fighting so hard against these misguided charter changes that would damage the city's credit. Once again, these charter changes would remove the careful budget management, good financial policies, and adequate spending controls that rating agencies regularly report that St. Louis city must have to earn and maintain its good credit.

Last year, in 2023, during the city's credit assessment, all three credit rating agencies upgraded the city's credit. On May 19, 2023 Standard and Poors upgraded the city's credit to an A+ from an A rating, citing "strong management with good financial management policies under our Financial Management Assessment (criteria)"; on May 5, 2023 the Fitch rating agency upgraded the city's credit from an A- to an A rating, reporting "the ratings are also supported by the city's adequate spending controls"; and on September 19, 2023 Moody's rating agency upgraded the city's credit to A2 from A3. Moody's reported (in part): "The financial improvement was largely driven by careful budget management".

It is most certainly confirmed that each of the rating agencies reported that the city's good credit depends on its sound financial management and budgeting policies.

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Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city's credit rating and with protecting taxpayer dollars. Visit www.stlouismo.gov/comptroller to learn more about the Office of the Comptroller.

Standards & Poor - May 19, 2023 STL Credit Rating Fitch - May 5, 2023 STL Credit Rating Moody's - September 19, 2023 STL Credit Rating

  • Department:
    Office of the Comptroller
  • Topic: