SCRANTON, LACKAWANNA CO. (WOLF) — The City of Scranton has received a significant boost to its financial standing after Standard & Poor’s Global Ratings upgraded the city’s credit rating to A- with a stable outlook.
The new rating marks an improvement from the city’s previous BBB+ rating with a positive outlook and reflects continued progress in Scranton’s financial recovery and stability. City officials say the upgrade positions Scranton to secure more favorable interest rates on future borrowing, potentially reducing long-term financing costs.
According to S&P Global, the higher rating is based on the city’s improving financial performance, healthier reserve levels, and a strengthened tax base, aided in part by recent property reassessments. The report also cited improved tax collections, stronger budget management, sustained economic activity, and efforts over the past several years to reduce debt and address unfunded retirement liabilities.
The upgrade follows years of financial rebuilding for the city. Scranton lost its credit rating in 2011 and did not regain one until 2016, when it remained below investment grade. The city reached investment-grade status in mid-2023 and has seen steady improvements since, with additional upgrades in 2024 and now in 2025.
Financial advisors familiar with the city’s long-term recovery efforts described the rating increase as a milestone, noting that Scranton is now in its strongest financial position in decades after years of difficult decisions and fiscal reforms.
Earlier this year, Scranton was also recognized at the state level with an Award for Municipal Excellence from the Department of Community and Economic Development, highlighting the city’s broader progress in governance and financial management.
City leaders say the improved credit rating underscores Scranton’s commitment to responsible budgeting and long-term financial planning as it continues to rebuild its fiscal foundation.