ATLANTIC CITY — Standard & Poor’s has upgraded the city’s general obligation bonds and given a positive outlook to the city’s financial performance.

A positive S&P outlook can help the city’s finances, as investors are more confident in a city that has a credit rating on the upswing and that shows an increasing capacity and willingness to meet its financial commitments.

The city and the state Department of Community Affairs, which oversees the city’s finances, were pleased with the report by the credit-rating agency.

“This positive outlook demonstrates the steady progress that DCA and the city officials are collaboratively making to improve the city’s fiscal health and its ability to appropriately manage its budget,” Lt. Gov. Sheila Oliver, who serves as DCA commissioner, said in a statement.

“It’s an indication of the sheer hard work, dedication and cooperation between the city and state,” Mayor Marty Small said in a statement. “The great news will continue to instill investor confidence in our city as we work towards the ultimate goal of providing long-lasting tax relief for our taxpayers.”

In its report, S&P said the city adopted a fiscal 2019 budget in a timely fashion. The $207.7 million spending plan was a reduction of 11% from the prior year’s. S&P additionally noted the budget relies less on transitional aid.

“We believe Atlantic City is poised to maintain and continue to improve financial performance, increase reserves levels and improve liquidity,” S&P said in its report. “In our opinion, it should be able to withstand a modest level of stress and meet its financial obligations — particularly as it remains under state oversight.”

Contact: 609-272-7202

VJackson@pressofac.com

Twitter@ACPressJackson

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