City Financial Standing Strengthened by Moody’s Rating Upgrade

The City of Delaware received a boost to its financial standing as Moody’s Investor Services recently upgraded its credit rating from Aa2 to Aa1.

This new rating, the second highest on Moody’s scale, signals a substantial improvement in the city’s creditworthiness, with an Aa1 rating indicating high quality and low credit risk.

The Moody’s upgrade reflects several key factors including Delaware’s economy and growing population within the Columbus metro area; and its sound financial operations, which have maintained key reserves. Moody’s also cited prudent budgeting as a factor supporting the increase.

The updated rating can enhance Delaware’s ability to secure favorable terms for future financing and attract more competitive bids for city projects.

In addition to the Moody’s upgrade, Delaware recently received the prestigious Auditor of State Award with Distinction. This award is presented to fewer than 4% of entities audited annually by the Auditor’s office and recognizes entities with “clean” audit reports. To qualify, entities must file timely financial reports and demonstrate sound fiscal practices.

“These recognitions are a testament to the City of Delaware’s commitment to fiscal responsibility, transparency, and planning,” said Delaware City Manager Paul Brake. “Our City Council, administration, and Finance Department work diligently to ensure strong financial foundations that benefit our residents.”

INFORMATION AND PHOTO FROM CITY OF DELAWARE WEBSITE