The City of Toledo has achieved a financial milestone as Standard & Poor’s (S&P) has upgraded Toledo’s bond rating from A- to A with a stable outlook. Additionally, Moody’s has affirmed the city’s A2 rating and improved its outlook from stable to positive.
“These upgrades are a testament to our ongoing commitment to responsible fiscal management and a reflection of the hard work we’ve done to build a strong financial foundation for Toledo,” said Mayor Wade Kapszukiewicz.
The city’s last bond rating upgrade occurred in 2010 when Moody’s raised its rating from Baa1 to A2. However, S&P simultaneously downgraded the city from A to A-. For more than a decade, the bond ratings remained unchanged.
“These upgrades are not just a recognition of Toledo’s financial health, they directly benefit our residents by allowing us to borrow at lower interest rates, saving taxpayer dollars that can be reinvested into critical city services and infrastructure,” said the mayor.
