Fitch Ratings, one of the three big credit rating agencies, announced Thursday it has reaffirmed the Buffalo Fiscal Stability Authority's "AAA" rating and "stable" rating outlook.
Fitch cited, among other things, the strong legal framework of the organization, "which insulates bondholders from any operating risk of the City of Buffalo."
The AAA credit rating is the highest available. Fitch originally issued the AAA rating and stable outlook in February 2015.
The reaffirmation of the BFSA's "excellent" credit rating is "good news" for Buffalo taxpayers, said BFSA Chairman R. Nils Olsen Jr. The "continued strong" credit rating could potentially save taxpayers money because it means that when the authority issues bonds on behalf of Buffalo, the higher rating equates to lower interest rates, said Executive Director Jeanette Robe.
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Last week, Fitch announced it had downgraded Buffalo's credit rating to "A" from "A+" and revised the city's outlook downward to "negative" from "stable," citing economic woes related to Covid-19.
