Detroit Evening Report: City of Detroit one step closer to investment grade status after Moody’s rating upgrade
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Detroit is on the cusp of investment grade status since its recent rating upgrade to Ba1 by bond credit rating system Moody’s Investors Service.
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Moody’s measures relative credit risk of financial dealings and Detroit’s rating has improved from year to year. The upgrade follows nine consecutive years of balanced budgets since the city left bankruptcy in December 2014.
Detroit hasn’t owned an investment-grade status since 2009.
Higher ratings mean lower costs for governments when they borrow funds to pay for various investments and upgrades. Those lower costs also translate to resources that instead can be applied to city services that further improve the quality of life in city neighborhoods.
The rating also highlights Detroit’s diversifying economic base and strengthening job growth.
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