November 27th, 2024 by WCBC Radio

The City of Cumberland recently received its rating from S&P Global Ratings on Cumberland’s general obligation bonds. The long-term rating was raised from “A” to “A+”. The “A+” rating is considered a stable status.

The report goes on to state, "The city’s financial management environment is robust compared to peers, with an active team considering short- and long-term issues that could present budgetary pressure. Management is active in economic development, with a focus on improving blighted properties, downtown revitalization, and improving infrastructure to facilitate new development, to generate growth and support expenditure priorities. The long-term planning documents are integrated into the annual budget, and long-standing formal policies and practices are widely communicated and adhered to, likely leading to continued stability in finances and the rating."

The rating upgrade follows an upgrade from the Fitch Rating agency from “A” to “A+” which was issued in March 2023.