Newburgh City Manager Todd Venning Monday announced the City of Newburgh has earned its second credit rating upgrade in two years from Moody’s Investor Services (MIS), moving to A1 from A3. Moody’s cited the City’s strong management team, fiscal transparency, and operational effectiveness in assigning the City its highest governance rating of “G1.”

“In partnership with the City Council, my administration’s laser-focus on building and improving the City’s economic outlook has led to Newburgh’s second credit rating upgrade in two years,” said Venning in a prepared statement relased by his office. “This credit rating upgrade means lowered interest rates for the City and significant savings for our residents and local businesses. This is particularly important as we progress with transformative infrastructure projects like the Delano Hitch Aquatic Center, a new Newburgh Landing, and the North Interceptor Sewer Improvement project that will facilitate development of the hillside.”

Moody’s second upgraded credit rating in two years cites the City’s management team as the “driver of this rating action” and emphasized City management’s commitment to financial strength, economic development, and governance practices that are the “standard” of operational effectiveness. Trusted for its conservative institutional approach to municipal credit ratings, Moody’s underlying “scorecard-indicated outcome” gives the City of Newburgh an even higher credit rating of Aa3.