Credit agencies praise Pittsburgh’s financial management


Gage Goulding

Pittsburgh Skyline from North Shore

Soundharjya Babu, Contributor

PITTSBURGH — According to credit rating agencies, Pittsburgh’s finances are in stable condition.

Pittsburgh received an upgraded credit rating from agencies Moody’s and Standard & Poor’s. The agencies praise the city’s effective financial management.

“The rating also reflects S&P Global Ratings’ opinion of the city’s significant strides during the past three years to improve overall finances and management practices,” said the report by Standard & Poor’s on Jan. 31.

S&P raised the rating on Pittsburgh’s debt from A+ to AA-.

Credit agency Moody’s praises the city’s growth in various industries, including technology, robotics and the life sciences due to the education and medical institutions present in Pittsburgh.

“Pittsburgh’s diverse and vibrant tax base is supported by the anchoring presence of several renowned education and medical institutions … which has driven substantial ancillary business growth in technology, robotics and life sciences industries in the city,” said a Jan. 31 report by Moody’s.