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South Bend's fiscal health also benefits from an exemplary credit rating of"AA"with a"stable" <br /> outlook from Standard&Poor's. According to S&P's General Obligation Ratings of Indiana <br /> Local Governments as of January 2,2013, South Bend has the top rating among Second Class <br /> Cities in the state of Indiana. <br /> S&P has explained the key factors in South Bend's strong credit rating: <br /> • "Diverse local economy and position as a regional center <br /> • Very strong financial operations <br /> • Moderate overall debt burden <br /> • The university(Notre Dame) and two major healthcare systems anchor the area <br /> economy." <br /> In addition, on January 31, 2013,the City of South Bend was notified that it had been awarded <br /> the Certificate of Achievement for Excellence in Financial Reporting by the Government <br /> Finance Officers Association of the United States and Canada(GFOA) for its comprehensive <br /> annual report(CAFR). The Department of Administration and Finance, headed by City <br /> Controller Mark Neal, won the award, and a Certificate of Achievement plaque was given to <br /> Deputy City Controller John Murphy. <br /> The GFOA is a nonprofit professional association serving approximately 17,500 government <br /> finance professionals with offices in Chicago, Ill., and Washington, D.C. <br />