A third — and final — Wall Street credit rating agency Thursday boosted San Diego’s credit worthiness. Moody’s upgraded the city’s credit rating from “negative” to “stable, ” which essentially puts it at a B-level credit risk, according to city officials.

In May, Standard & Poor’s and Fitch Ratings upgraded the city’s credit rating to “positive,” ending a four-year banishment from Wall Street that cost the city tens of millions of dollars in consultant and lawyer fees, increased borrowing costs and missed refinancing opportunities.

Mayor Jerry Sanders announced the good news from Moody’s at an afternoon news conference.

“Today’s announcement by Moody’s further proves that we are succeeding at getting our city back on track so that the people of San Diego can be proud of their city government again,” Sanders said, according to remarks released by his office.

Read the report from Moody’s here.

DAVID WASHBURN

Leave a comment

We expect all commenters to be constructive and civil. We reserve the right to delete comments without explanation. You are welcome to flag comments to us. You are welcome to submit an opinion piece for our editors to review.

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.