Standard & Poor's Ratings Services has increased Philadelphia's bond rating to the highest in the city's history, announcing a move up from A- to A+ today.
"Philadelphians should know that in very practical terms, a higher bond rating means a lower cost of borrowing," said Mayor Michael Nutter in a statement announcing the rating. "I am very proud that the city’s bond rating has, once again, been upgraded."
The rating reflects the city's standing on it's general obligation debt and indicates a stable outlook for the city's long term finances.
This is Philadelphia's third increased rating in the last two and a half years. In June 2013, the city's rating was increased from BBB+ to A-, and in April 2012, from BBB to BBB+.
The June increase marked the first time in 30 years that the city's credit was ranked A by the three major rating agencies.