|
FOR IMMEDIATE RELEASE
March 11, 2025 |
Olga George
Press Secretary
Mayor's Office
olga.george@pittsburghpa.gov
412-627-0679 |
|
S&P Global and Fitch Ratings Agencies Affirm City Credit Ratings in Advance of 2025 Bond Issuance
S&P Global and Fitch Ratings Agencies Affirm City Credit Ratings in Advance of 2025 Bond Issuance
Pittsburgh, PA – As part of the City’s 2025 bond sale, S&P Global and Fitch Ratings have reviewed the City of Pittsburgh’s financials as well as reports on the local economy. S&P Global assigned an “AA-“ long-term rating and underlying rating on the new debt issuance, with a “stable” outlook. Fitch Ratings assigned an “AA” rating, with a “stable” outlook. Both organizations affirmed the same ratings, respectively, for all other outstanding general obligation bonds. The administration held two in-depth financial and economic presentations with the external firms on Monday, February 24, 2025.
The Department of Finance and the Office of Management and Budget expect to go to market for the bonds within the next two weeks. The proceeds from the sale will fund over $62 million worth of major infrastructure projects as proposed by the Mayor and approved by City Council in the 2025 Capital Budget & Six Year Plan. These projects include bridge repair, paving, facility improvements, and park reconstruction.
###
|
|
|
|
