S&P Global raises City of Niagara Falls bond rating

Report notes city’s fiscal performance as result of strong revenue collections & sales tax growth

Submitted by the Office of the City of Niagara Falls Mayor

Niagara Falls Mayor Robert Restaino announced S&P Global raised Niagara Falls’ bond rating from BBB+ to A. The global ratings agency also reported the city’s financial outlook is “positive.” An A bond rating signifies the bond issuer has a strong capacity to meet its financial obligations.

“We are working hard every day on behalf of the residents and taxpayers of Niagara Falls to manage the city in a fiduciary responsible manner, and this rating reflects that – but we know we have more work to do,” Restaino said.

In its overview, the S&P report determined the city has improved budgeting practices, which has reduced reliance on Seneca Gaming Corp. revenues, coupled with strengthened available reserves, but also recognized the critical financial stability the casino revenues provide the city.

“I believe the report reinforces our position that any effort to reduce the city’s casino revenue share and appropriate that balance of funding to other entities and cultural institutions would negatively impact residents and taxpayers and the city’s budget,” Restaino said.

The A rating also reflects city’s “four consecutive fiscal years of net operating surpluses and growth in reserves to a robust level largely due to strong performance in non-property tax revenues, controlled spending since the pandemic, coupled with retirement of personnel.”

The report recognized the increase of the city’s fund balance from $1.1 million in 2021 to $21.3 million at the end of 2024, and attributed the city’s fiscal performance as the result of strong revenue collections and sales tax growth.

The full report is available at SP Global Ratings NiagaraFallsNY_Sep-3-2025.pdf.

S&P Global Ratings is a leading provider of independent credit ratings, financial research, and benchmarks that assesses the creditworthiness of various entities, including municipalities.