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.