The City of Toledo Receives a Bond Rating Upgrade for the First Time in 14 Years

The City of Toledo has achieved a significant financial milestone as Standard & Poor’s (S&P) has upgraded the City’s bond rating from A- to A with a stable outlook. Additionally, Moody’s has affirmed the City’s A2 rating and improved its outlook from stable to positive.

“These upgrades are a testament to our ongoing commitment to responsible fiscal management and a reflection of the hard work we’ve done to build a strong financial foundation for Toledo,” said Mayor Wade Kapszukiewicz. “This is a historic moment for the City, as it marks the first rating upgrade in over 14 years.”

The City’s last bond rating upgrade occurred in 2010 when Moody’s raised Toledo’s rating from Baa1 to A2. However, S&P simultaneously downgraded the City from A to A-. For more than a decade, Toledo’s bond ratings remained unchanged.

“These upgrades are not just a recognition of Toledo’s financial health, they directly benefit our residents by allowing us to borrow at lower interest rates, saving taxpayer dollars that can be reinvested into critical city services and infrastructure,” Kapszukiewicz added.