City of Alton Achieves Credit Rating Upgrade from S&P Global Ratings

ALTON – The City of Alton is pleased to announce that S&P Global Ratings has upgraded its credit rating from an A to an A+, reflecting significant improvements in the city’s financial health, including enhanced budgetary performance and effective management of its pension plans. This upgrade is accompanied by a stable outlook, reinforcing confidence in the city’s fiscal policies and strategies.

“This enhanced rating from S&P Global is a testament to the City’s solid financial strategy and discipline followed over the last 3 years,” said Debbie Dunlap, City Comptroller. “We are proud of the significant strides the City has accomplished by being fiscally responsible, thus creating a strong financial foundation for the City of Alton.”

S&P Global Ratings recognized the City of Alton's substantial strides in its budgetary performance over the past two fiscal years. After facing challenges including above-budget spending, revenue reductions due to the COVID-19 pandemic, and essential flood repair costs, the city took decisive action to revise its budgeting practices. As a result, Alton has successfully established a more balanced operational framework.

The rating agency specifically highlighted the city's progress in funding its pension plan and its commitment to maintaining very strong reserves, which are crucial for ensuring financial stability in the face of revenue fluctuations. S&P Global noted that the City of Alton is well-positioned to manage potential revenue volatility through prudent budget adjustments and stringent expenditure controls.

"The upgrade to an A+ rating is a testament to the city’s diligence in financial management and its commitment to transparency and accountability. We are proud of the work that our team has done to stabilize our finances, and we remain dedicated to sustaining our progress as we continue to serve our residents and local businesses. Creating a strong financial foundation has been a priority for my administration. Having S&P Global issuing this credit rating upgrade only validates the financial planning and hard work that has gone into building the City’s financial strength and stability for today and into the future,” states Mayor David Goins.

This credit rating upgrade not only enhances the city’s reputation on a national scale but also positions Alton favorably for future investments and economic opportunities. As Alton moves forward, the city will continue to focus on responsible financial practices that benefit its residents and boost community development.

**About S&P Global Ratings**:

S&P Global Ratings is one of the world's leading providers of credit ratings, benchmarks, and analytics in the global capital and commodity markets.

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