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~ St. Louis, MO - The city has been recognized for its strong fiscal management and budgeting policies, earning and maintaining good credit for the past 30 years. However, recent proposed charter changes have raised concerns about the potential damage to the city's credit.
As a journalist, it is clear that protecting and maintaining the city's good credit is no easy feat. This was emphasized by a statement from a city official who stated, "That's why I'm fighting so hard against these misguided charter changes that would damage the city's credit." These changes would remove important measures such as careful budget management, good financial policies, and adequate spending controls that are crucial for maintaining good credit.
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Last year, in 2023, during the city's annual credit assessment, all three major credit rating agencies upgraded St. Louis' credit. On May 19th, Standard and Poors raised the city's rating from an A to an A+, citing "strong management with good financial management policies under our Financial Management Assessment (criteria)." Similarly, on May 5th, Fitch upgraded the city's rating from an A- to an A, stating that "the ratings are also supported by the city's adequate spending controls." Finally, on September 19th, Moody's upgraded St. Louis' credit from A3 to A2 and reported that "the financial improvement was largely driven by careful budget management."
It is evident that each of these rating agencies has highlighted the importance of sound financial management and budgeting policies in maintaining St. Louis' good credit. As a journalist reporting on this issue, it is crucial to recognize and emphasize this fact in order to inform the public about the potential consequences of these proposed charter changes on the city's credit standing.
As a journalist, it is clear that protecting and maintaining the city's good credit is no easy feat. This was emphasized by a statement from a city official who stated, "That's why I'm fighting so hard against these misguided charter changes that would damage the city's credit." These changes would remove important measures such as careful budget management, good financial policies, and adequate spending controls that are crucial for maintaining good credit.
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Last year, in 2023, during the city's annual credit assessment, all three major credit rating agencies upgraded St. Louis' credit. On May 19th, Standard and Poors raised the city's rating from an A to an A+, citing "strong management with good financial management policies under our Financial Management Assessment (criteria)." Similarly, on May 5th, Fitch upgraded the city's rating from an A- to an A, stating that "the ratings are also supported by the city's adequate spending controls." Finally, on September 19th, Moody's upgraded St. Louis' credit from A3 to A2 and reported that "the financial improvement was largely driven by careful budget management."
It is evident that each of these rating agencies has highlighted the importance of sound financial management and budgeting policies in maintaining St. Louis' good credit. As a journalist reporting on this issue, it is crucial to recognize and emphasize this fact in order to inform the public about the potential consequences of these proposed charter changes on the city's credit standing.
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