WARREN — The city of Warren has received an upgraded bond rating from Moody’s Investors Service, rising to A3 from Baa1.
City Auditor Vincent S. Flask explained that Moody’s uses bond ratings to evaluate a city’s ability to repay debt, with higher ratings indicating lower credit risk.
Baa1, the city’s previous rating, is considered medium-grade and investment-worthy but signals moderate risk.
The new A3 rating, part of the upper-medium category, reflects improved financial health, with low credit risk and stronger investor confidence.
Flask said the city’s bond rating was downgraded from A1 to Baa1 in 2016, prior to his appointment, due to declining revenues and limited options to reduce expenditures.
He said that the administration has since prioritized long-term financial stability in expenditure decisions.
“One of our first thoughts when it comes to city expenditures has become what effect it may have on our long-term financial stability before making a final decision on large expenditures,” Flask said.
Warren’s finance department also has been recognized for its efforts, receiving the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association. This is the department’s annual receipt of the award since 2002.
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