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FOR IMMEDIATE RELEASE
December 17, 2024 |
Olga George
Press Secretary
Mayor's Office
olga.george@pittsburghpa.gov
412-627-0679 |
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Moody’s Ratings revises City of Pittsburgh’s bond outlook to “Positive” from “Stable” and affirms A1 issuer rating
The improvement reflects the City’s improving financial position
Pittsburgh, PA – Moody’s Ratings announced (sign up required) this week that it revised the City of Pittsburgh’s bond outlook to “positive” from “stable.” Moody’s Rating has also affirmed the City’s “A1” issuer and general obligation unlimited tax ratings.
The change in outlook recognizes growing earned income tax revenue, conservative budgeting for expenditures, and a strong commitment to revitalize the Central Business District.
"Finance and OMB met with the Moody’s rating analysts in October to discuss the current state of our fiscal affairs and developments in our local and regional economies. We are excited to see this improvement,” said Director of Finance Jennifer Gula.
Mayor Ed Gainey submitted his 2025 Operating and Capital Budgets on Tuesday, November 12, 2024. The 2025 Capital Budget contemplates approximately $60 million in bond-funded projects. Rating agency reviews are key components to the sale of municipal bonds. This change in outlook, in combination with the Fitch Ratings upgrade in September, strengthens the City’s issuance.
City Council approved both budget documents this morning.
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