San Diego Gets Another Credit Rating Upgrade

Published: Thursday, August 28, 2008 6:29 PM PDT

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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