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“The rise to an AA+ rating is a reflection of the City’s creditworthiness as well as strong <br />management practices that have led to improved financial performance and position,” <br />Zientara said. “The financial stewardship under the direction of Mayor Steve Luecke, <br />together with the financial policies practiced by the City over the last several years, have <br />placed South Bend in a strong financial position, which has led directly to two, <br />successive improved bond ratings.” <br /> <br />The rating upgrade came as the City of South Bend refinanced four bonds, which were <br />examined by Fitch Ratings: <br /> <br />?$1.245 million South Bend Central Development Area public improvement project <br />lease rental refunding bonds series 1996A. <br /> <br />?$2.315 million Blackthorn Golf Course project lease rental revenue refunding bond <br />series 1998. <br /> <br />?$9.39 million College Football Hall of Fame project lease rental revenue refunding <br />bond series 2000. <br /> <br />?$6.76 million Morris Performing Arts Center lease rental revenue refunding bond <br />series 2009. <br /> <br />Fitch Ratings is an international credit rating agency with headquarters in New York City <br />and London. It is one of the three nationally recognized statistical rating organizations <br />recognized by the U.S. Securities and Exchange Commission, together with Moody’s and <br />Standard and Poor’s. Fitch Ratings’ long-term credit ratings are assigned on an alphabetic <br />scale from ‘AAA’ to ‘D.’ The system was first introduced in 1924 and later adopted and <br />licensed by Standard and Poor’s. <br /> <br /># # # <br />