City retains AA- Fitch rating
April 10, 2018
Fitch Ratings has affirmed the City’s AA- bond rating and judged its financial outlook to be stable.
The ratings “incorporate the city’s improved operating performance, including its exceptionally strong ability to manage through downturns given a solid reserve cushion and significant independent legal ability to increase revenues,” the Fitch report said.
The bond rating affirmation was the first since the City exited Act 47 fiscally distressed status in February.
“The city recently exited the Commonwealth’s Fiscal Recovery Act (Act 47), which provided strong state oversight and significant control over expenditures. Despite the absence of state oversight, Fitch believes that Pittsburgh is well positioned to manage its budget in line with the current rating level,” the report said.