Mayor Walsh Announces A1 Rating and Stable Outlook for City

Published on June 03, 2025

Mayor says the new credit rating contradicts claims of impending fiscal peril for Syracuse 

Syracuse Mayor Ben Walsh announced Moody’s Ratings, one of the nation’s top authorities on the fiscal health of public and private institutions, gave the City an A1 bond rating and a stable outlook for the seventh straight year. Moody’s released the new credit rating on May 30.  

“Moody’s objective assessment of Syracuse’s fiscal condition contradicts misrepresentations made recently about impending fiscal peril for the City,” Walsh said. “Moody’s closely follows the challenges we face and how our team manages city finances. Their determination supports the fact that under this administration, Syracuse is in better financial health than it has been in decades.” 

According to the latest Moody’s opinion, “Syracuse benefits from a solid financial position with available fund balance of approximately 33% of revenue at the close of fiscal 2024 and considerable growth prospects given the choice of Micron Technology Inc. to build a semiconductor facility in nearby Clay. These positive factors, coupled with a proactive management team, help offset some notable credit challenges.”

Moody’s said its “stable outlook reflects our expectations that despite some budgetary pressure, the city's reserve position will remain satisfactory for the near to medium term. The outlook also incorporates our expectation of continued economic development.”  

“The Moody’s rating validates the fiscal strategy we’ve deployed for the past seven years, which has resulted in more than doubling our reserves and achieving budget surpluses in three of the last four years,” Walsh said. “We have shown we can effectively manage our financial resources while at the same time invest in better services, economic development and growth all for the benefit of our residents.”