S&P Affirms City of Saratoga Springs' Rating of AA+

S&P Affirms City of Saratoga Springs’ Rating of AA+
For Immediate Release: May 21, 2019
From the Office of Commissioner of Finance, City of Saratoga Springs, Michele Madigan
Contact: Michele.Madigan@Saratoga-Springs.org 

Saratoga Springs, NY -- Commissioner of Finance Michele Madigan reports that S&P Global Ratings assigned and affirmed the City’s AA+ bond issuance and existing debt rating, with a stable outlook. This is the seventh consecutive year that S&P has granted the city such a stellar bond rating, which they did for the first time early in Commissioner Madigan's tenure as Finance Commissioner.  Per S&P, the rating reflects their opinion of the City’s: 

  •        Strong management, specifically noting the City’s financial policies and procedures;
  •        Strong budgetary performance, as evident by recent surpluses;
  •        Very strong budgetary flexibility, including the City’s fund balance;
  •        Very strong liquidity with positive access to external liquidity, and;
  •        A strong institutional framework score.
  •        A very strong economy and particularly noted our top employers including Saratoga Hosptial, Quad Graphics, Wesley Healthcare, and Skidmore College;

Commissioner Madigan stated, “On the heels of the City’s 2018 surplus and all the work that went into it, I am pleased that S&P continued to rate Saratoga Springs so positively. The fiscal health and well-being of the City are of the utmost importance to the Finance Department, and we take pride in receiving this type of feedback from a rating agency as well-regarded as S&P. City residents should be excited about this rating as well, as it ensures the City’s bonds garner a low-interest rate, lessening the expense burden that ultimately is the responsibility of the taxpayers.”

The City is currently finalizing its 2019 bond issuance, which is expected to occur in early June. The 2019 Capital Program includes the renovation of City Hall, the Loughberry Lake Dam project, a replacement fire engine, a replacement ambulance, equipment upgrades for the Department of Public Works, and improvements to Recreation Department facilities.

Michele Madigan
Commissioner of Finance
City of Saratoga Springs
15 Vanderbilt Avenue

Saratoga Springs, NY 12866