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."
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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.
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