Detroit sees additional improvements in credit ratings, city officials say

The City of Detroit has earned credit rating upgrades from two agencies in the past week, specifically the S&P Global and Moody's Ratings, city officials said. 

The S&P raised its credit rating for Detroit from BBB to BBB+, and Moody's raised its rating from Baa1 to A3. 

"This great news from Moody's and S&P validates our strong financial management practices and budget investment priorities," Detroit Mayor Mary Sheffield said when making the announcement.  

"We have shown that structural fiscal discipline can coexist with a commitment to uplifting and investing in our residents and our neighborhoods. These two rating increases also are a result of 12 years of sound, responsible budgetary choices made by the city department heads and Detroit City Council, alongside the expertise of our Chief Financial Officers."  

Detroit's credit rating fell to so-called junk bond status during its bankruptcy process in 2013, but had improved to investment grade by 2024, city officials said. 

Both of the rating agencies cited a stable financial outlook for Detroit at this time.