Upgrades underscore Miami's financial turnaround.

• Position: News & Numbers - Brief Article

Citing a strong level of financial reserves, ongoing financial management improvements, and strong economic growth, Standard and Poor's in February upgraded its rating on Miami's outstanding general obligation debt three notches--to A+ from BBB+. Just days later, Fitch ratings upgraded the city's general obligation bonds to A- from BBB+. City officials said the S&P rating could be its highest ever, and puts Miami on par with other large cities.

"The city has continually adjusted its management structure and formalized fiscal policies over the past seven years, which should provide greater fiscal stability in the future regardless of changes in the political environment," said S&P analyst Robin Prunty.

The upgrades cap a remarkable financial recovery by a city that saw its ratings fall to junk status in 199G, when the state appointed a financial oversight board to guide the city out of a $68 million deficit.

The S&P report said the city is in better financial position now than it...