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S&P upgrades Baltimore’s bond rating

For the first time in seven years, Baltimore’s bond rating has increased.

Standard & Poor’s announced on Tuesday that it had upgraded the city’s bond rating from AA- to AA.

The rating means Baltimore’s finances are viewed as “stable” and will help the city secure financing for capital improvement projects, such as recreation centers, according to a news release.

“Today’s bond rating upgrade signifies that Baltimore City is a good place to invest, and allows us additional flexibility to secure financing for capital improvement projects important to our residents,” Mayor Stephanie Rawlings-Blake said in a news release.

Officials credited Mayor Stephanie Rawlings-Blake and the 10-year financial plan her administration released a few years ago for the rating bump.

“This upgrade is a result of the Mayor making tough decisions regarding the budget and the Ten-year Plan that has allowed us to keep our financial house in order.” Harry E. Black, Baltimore City Director of Finance said. “Our very strong budgetary and debt management policies have contributed to the city’s increased financial reserves and improved budget flexibility which are both critical factors supporting the upgrade.”

The rating puts Baltimore in the same classification as larger cities such as New York and ahead of Los Angeles and Philadelphia.