STANDARD & POOR'S Rating Services upgraded its credit rating for Philadelphia's general obligation bonds to A+, the city's highest rating ever from that agency, Mayor Nutter's administration announced yesterday.
S&P has been steadily increasing the city's rating since mid-2012, when Philly's bonds were BBB. The highest possible grade is AAA+.
It's great news for city taxpayers because stronger credit ratings mean lower borrowing costs. But Philly, with its poorer population and history of fiscal mismanagement, still lags behind other large U.S. cities.