MIDDLETOWN, N.Y.—The City of Port Jervis received a Moody’s rating upgrade from A3 to A2 due to prudent fiscal management, the city announced on Aug. 17.
The Moody’s report said that the change was made due to “disciplined budget practices which have supported an improved financial position.”
A2 is the sixth highest rating of 21 ratings on Moody’s Long-term Corporate Obligation Rating. The highest rating is Aaa and the lowest is C, with rates Baa3 and above considered investment grade. An A2-rated municipality is considered to be upper-medium grade and to have a low credit risk.
Higher Moody’s ratings help entities, private or public, secure lower borrowing costs and interest rates on debt, and indicate trustworthiness to investors. …