© 2024 Western New York Public Broadcasting Association

140 Lower Terrace
Buffalo, NY 14202

Mailing Address:
Horizons Plaza P.O. Box 1263
Buffalo, NY 14240-1263

Buffalo Toronto Public Media | Phone 716-845-7000
WBFO Newsroom | Phone: 716-845-7040
Your NPR Station
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Niagara Falls showing signs of improved finances

WBFO News file photo

When Niagara Falls goes to borrow $5 million later this year, the city will do so with an improved credit rating. The Wall Street ratings agency Fitch has improved the city's credit rating from triple-B to Triple-B plus.

"I think some combination of our use of fiscal discipline and our ability to continue economic growth and development convinced them (Fitch analysts) we're a good bet," said Niagara Falls Mayor Paul Dyster.

"They've noticed that economic development is picking up in the City of Niagara Falls. We talked to them about all the hotel development that is currently underway."

The slight upgrade may not seem significant to some, an assertion that Dyster refutes.

"The money that then has to be used to pay that debt service comes from the taxpayers," Dyster explained.

"So, if you think of it in this way: Getting your bond rating improved helps lower the interest rate. It's like your credit card company's lowering the interest rate on your credit card because they view you as a better credit risk."

Dyster is hopeful that other credit agencies follow Fitch in upgrading the city's rating.

 

Mike Desmond is one of Western New York’s most experienced reporters, having spent nearly a half-century covering the region for newspapers, television stations and public radio. He has been with WBFO and its predecessor, WNED-AM, since 1988. As a reporter for WBFO, he has covered literally thousands of stories involving education, science, business, the environment and many other issues. Mike has been a long-time theater reviewer for a variety of publications and was formerly a part-time reporter for The New York Times.