The city of Erie’s credit rating will remain stable; that’s in spite of a projected budget shortfall of more than $1 million this year.
The Standard & Poor’s (S&P) Global Ratings assigned an ‘A’ rating for the city and the Erie Parking Authority. S&P analyzes stocks, bonds, commodities, and publishes financial research.
Prompted by the Parking Authority’s 2018 General Obligation Revenue Bonds, the agency reevaluated all existing debt. The report finds that the city still has a weak economy, but that it has strong management and financial practices.
Mayor Joe Schember tells us, “…it basically says the city will weather this; and they actually said expect the city to end up, based on our past performance, at least being even, if not even breaking positive with the actual take over the last six months of the year.”
According to the report, the S&P does not expect the ratings to change during the next two years.