DETROIT – Moody’s Investors Service upgraded Detroit’s underlying credit rating a full level Friday.
The B1 rating is the city’s highest by Moody’s since March 2012.
“When we exited bankruptcy, many questioned whether Detroit would be able to manage its finances going forward,” Mayor Mike Duggan said. “Two credit rating upgrades in less than three years and a positive outlook from Moody’s show just how fast our financial turnaround is succeeding.”
Moody’s cited Detroit’s efforts to revitalize neighborhoods as a sign of strength and job growth is fueling rising income taxes.
“We have been very conservative in our projections, and we’re executing a plan to address our legacy pension obligations and produce surpluses each year to reinvest in vital city services and our neighborhoods,” Duggan said. “Job growth is well under way and the city’s economic performance is strong.”
Sign up for ClickOnDetroit Email Newsletters (click here) for more stories like this.