The financial status of the city of Yonkers is improving.

Mayor Mike Spano announced Tuesday that leading financial bond agency S&P Global Ratings upgraded the City of Yonkers to an 'A+', stable outlook.

This is revised from an 'A', stable outlook in 2021.

S&P Global Ratings reassigned an 'A+' rating to City of Yonkers' general obligation bonds and the city's school debt.

According to S&P, the leading factor for the city's rating is "its improved management conditions, as evidenced by several years of balanced-to-positive budgetary performance that bolstered reserves to the highest nominal amount in recent history, positioning the city to absorb the phase-out of federal stimulus funds, as well as slower economic growth in the first half of calendar 2023."