What Buffalo’s Latest Credit Rating Means for You

by Barbara Miller Williams, Comptroller

Barbara Miller Williams

Fitch Ratings recently lowered the City of Buffalo’s Credit Rating from ‘A+’ to ‘A’ and changed its financial outlook to Negative. While that may sound like something that only matters to banks or investors, it affects every Buffalo taxpayer. Think of the City’s Credit Rating like a personal Credit Score. A higher rating allows the city to borrow money at lower interest rates for projects like roads, parks, and public buildings. When that rating drops, borrowing money becomes more expensive, leaving fewer dollars available for essential services.

Fitch’s message is clear: the City has been spending more than it brings in and relying on one-time revenues to balance the budget instead of sustainable, recurring funds. At the same time, the City’s financial reserves, our emergency savings account, have drastically declined, leaving Buffalo less prepared to respond to unexpected financial challenges.

While Fitch recognized Buffalo’s strong economy and stable tax base, it also became the third major Credit Rating Agency, joining Moody’s and S&P Global Ratings, to downgrade the City’s Credit Score. When all three agencies raise similar concerns, it is a clear signal that lasting financial changes are needed.

As your Comptroller, my job is to provide independent oversight and keep Citizens informed. We must rebuild our reserves, reduce our reliance on one-time funding, and adopt balanced Budgets that put Buffalo on stronger financial footing. These are critical steps to protect taxpayer dollars and ensure the city can continue providing the services we depend on. These are not just accounting goals, they are essential steps toward protecting taxpayer dollars and delivering high quality of life Public Services.

Buffalo has overcome fiscal challenges before, and I believe we can do so again. But lasting progress requires honest conversations, responsible leadership, and a commitment to making difficult decisions today so that future generations inherit a stronger, more financially secure City. As Comptroller, I remain committed to providing independent oversight, promoting transparency, and advocating for policies that put Buffalo on a path toward long term stability. My office will continue to keep residents informed because every Citizen deserves to understand not only what is happening with the City’s finances, but why it matters