ATLANTA — Credit rating agency Fitch upgraded the City of Atlanta’s rating from AA+ to AAA, marking a historic all-time high for the city’s credit rating.
According to Atlanta officials, when combined with a Moody’s bond rating of Aa1, the city is now “even more attractive to businesses, potential homebuyers, students, and event organizers due to its sound fiscal management, diversified local economy and forward-thinking government.”
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The city announced the rating change on Friday, saying the strong credit ratings show Atlanta meets its financial obligations with high quality and low risk, noting how that allows Atlanta to issue bonds with somewhat lower interest rates.
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“Making Efficient and Ethical Government a pillar of my Administration’s agenda is more than a tagline—it is a mission, and it is a directive to for every single City department. Under the leadership of Chief Financial Officer Mohamed Balla, the Department of Finance has taken this mission to the next level and accomplished something we should all be proud of,” Atlanta Mayor Andre Dickens said in a statement. “These ratings reflect responsible, sound fiscal management and confidence in how we do business in this city.”
The mayor thanked the city’s Department of Finance, saying Atlanta was in its strongest fiscal position in city history, promising to ensure the city’s finances are planned with an eye on the future and with resilience in mind.
As far as bonds for Atlanta residents and businesses, officials said the city’s ability to provide lower-interest bonds would help those seeking loans get the most out of their tax dollars while also having Atlanta invest in vital projects.
“We are thrilled that Fitch Ratings has upgraded the City of Atlanta to AAA, recognizing our strong fiscal foundation and long-term resilience. This achievement reflects our commitment to prudent financial management and the hard work of our finance team and city leadership, positioning Atlanta to invest in infrastructure, enhance services, and support growth for all residents,” Atlanta Chief Financial Officer Mohamed M. Balla said.
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