FRESNO, Calif. (KSEE/KGPE) – The City of Fresno’s credit rating has been upgraded.
Fitch Ratings announced on Friday that the City’s issuer rating went from A to A+, with a positive outlook. Fitch mentioned Fresno’s solid expenditure flexibility and strong financial resilience, while they also noted Fresno’s comprehensive budget management and the improvement of its operating performance thanks to stronger financial policies.
The move follows similar upgrades by Moody’s Investor Service and Standard and Poor’s Rating Services in December 2022 and November 2022.
“This upgrade is yet another vote of confidence in the City of Fresno’s financial prowess and budget management,” said Mayor Jerry Dyer. “Fresno is on the move, and these consistently positive ratings prove that.”
Moody’s Investor Services upgraded the City’s Issuer rating to A1 from A2 with a stable outlook in December 2022, while in November 2022, Standard & Poor’s Ratings Services upgraded the City’s issuer rating from AA- to A+ with a stable outlook, officials say.