Northwest Wayne News

Detroit, MI – In a remarkable financial turnaround, Detroit has received a double-notch rating increase from Standard and Poor’s Global Ratings, solidifying its journey from junk bond status to investment grade. This upgrade comes less than a month after a similar upgrade from Moody's, highlighting the city's impressive transformation.

Standard and Poor’s upgraded Detroit's General Obligation (GO) debt to a BBB rating, recognizing the city's strong fiscal management, positive financial results, and improvements in reserves and liquidity. Additionally, S&P raised its rating on Detroit’s Public Lighting Authority and Income Tax backed debt to A- from BBB. S&P emphasized Detroit's improved financial position, stating, "Ten years on from its bankruptcy filing, Detroit's financial position and economic condition are the strongest they've been in decades."

Mayor Duggan commended the city's financial leaders over the past decade for their hard work and discipline, stating, "No one in 2014 would have predicted Detroit returning to investment grade with both rating agencies in less than a decade." Detroit Chief Financial Officer, Jay Rising, also expressed pride in the city's accomplishment, attributing it to the collective efforts of residents, businesses, and organizations that supported Detroit throughout its financial recovery.

The recent double-notch upgrades from both Moody's and S&P mark a significant milestone for Detroit, showcasing the city's resilience and commitment to financial stability. The upgrades affirm that Detroit is now fiscally stable and well-equipped to maintain city services for its residents.