Poughkeepsie, NY Issuer Credit Rating Raised To 'BBB+' On Improved Fund Balance; Outlook Is Positive

NEW YORK (S&P Global Ratings) July 24, 2024--S&P Global Ratings raised its issuer credit rating (ICR) on the City of Poughkeepsie, N.Y., to 'BBB+' from BBB'. The outlook is positive. "The one notch upgrade and positive outlook reflect the improvement in the city's fund balance, as management resolved long-dated payables bringing fund balance levels from a negative 12.4% of expenditures to a positive 2.7% of expenditures," said S&P Global Ratings credit analyst Lauren Freire. "The positive outlook reflects our expectation that management will continue to work toward growing its general fund balance while continuing to address its backlog of capital projects and maintaining prudent management strategies."

...July 24, 2024 NEW YORK (S&P Global Ratings) July 24, 2024--S&P Global Ratings raised its issuer credit rating (ICR) on the City of Poughkeepsie, N.Y., to '###+' from ###'. The outlook is positive. "The one notch upgrade and positive outlook reflect the improvement in the city's fund balance, as management resolved long-dated payables bringing fund balance levels from a negative 12.4% of expenditures to a positive 2.7% of expenditures," said S&P Global Ratings credit analyst Lauren Freire. "The positive outlook reflects our expectation that management will continue to work toward growing its general fund balance while continuing to address its backlog of capital projects and maintaining prudent management strategies."...

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