Wednesday, October 24, 2007

Economic Boost!

We received word earlier this week that two investment ratings firms, Moody’s Investors Service and Standard and Poor Rating Services, bumped the City of Troy’s bond rating.

Moody’s upgraded the City of Troy to a Baa2, the highest level it has been since June of 1987. Standard and Poor rated the City a BBB+, the first ranking of Troy in more than a decade. Previously, Standard and Poor refused to rate the City because of its fiscal problems. When I say that the City of Troy is in better fiscal condition than at any point in the previous 20 years, I am not kidding.

This is great news for Troy, as we continue to move forward on a number of different levels. As we continue to redevelop our great City, while paying off the debt of past decision making, we are positioning ourselves greatly for future growth.

Both Moody’s and Standard and Poor were in Troy earlier this month and given a tour of the City, as well as a financial overview from City representatives.

According to Jesse Brady, one of the analysts for Standard and Poor, "The stable outlook reflects the recent stability of the city's economic base, which has experienced public and private investment and continues to benefit from the presence of Rensselaer Polytechnic Institute, health services, and state government employment opportunities. The outlook also reflects the expectation that economic development will continue, which could further enhance both the residential and commercial tax base."

I could not agree more.

This is the second bond rating increase in the last three years for the City of Troy. In all honesty, it is another example of continued hard work.

You can not overstate the importance of this news as it relates to future growth. People are coming to Troy on a weekly basis, they want to be here. Knowing that the community you are coming to is fiscally stable and on the right path is a vitally important recruiting tool.

The good news keeps on coming. You will remember, earlier this year, the Business Review ranked the City of Troy as the second fastest growing City in the Capital District, trailing only Saratoga Springs.