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Home > Leadership > City Comptroller > Press Releases > Control Board’s Shift to Advisory Role Seen as Credit Positive by Moody's

Buffalo Control Board’s Shift to Advisory Role Seen as Credit Positive by Moody’s

Comptroller Schroeder points to rating agency’s latest report as sign of city’s increasing creditworthiness

June 5, 2012 - In a weekly report to its clients, Moody’s Investor Services pointed to the Buffalo Fiscal Stability Authority’s shift from a “hard” control board to a “soft” advisory panel as a “credit-positive endorsement of the city’s improved ability to manage its own finances.”

“Moody’s continues to notice the progress Buffalo has made in improving its financial condition and creditworthiness,” said Buffalo Comptroller Mark J.F. Schroeder.

The report was part of Moody’s Weekly Credit Outlook, a newsletter the rating agency publishes to keep its clients up to date on breaking credit market developments and trends. 

In April, Moody’s upgraded the city’s bond rating to A1, the highest in Buffalo’s history.  Prior to the upgrade, Moody’s had taken notice of the progress at the Buffalo Niagara Medical Campus in a February publication titled “Buffalo’s Economy Continues to Diversify, Led by Education and Health Care.”