A key rating agency has given the City of Fresno a big boost. A positive report from Standard and Poor’s could mean big savings for the city.
S&P has upgraded the city’s bond rating from BBB- to an A+. That is a five-level increase.
Officials say that means the city can borrow money at a much better interest rate, saving an estimated $35 million over the next two decades.
Mayor Lee Brand says the ratings improvement means the city will be better able to respond to years of austere budgets and cuts.