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Bonding & Credit Agencies Praise Phoenix Economy for DiversificationBonding & Credit Agencies Praise Phoenix Economy for Diversification<div class="ExternalClass74B43018A3D94F178C03731255350C03"><h4><strong>​</strong><em><strong>Mayor Stanton: Validates Efforts on Innovation</strong><br><br></em></h4><p>The expanding innovation-based economy in Phoenix received high marks from three separate credit and bonding agencies earlier this month. Moody’s Investor Service, Fitch Ratings and Standard & Poor’s Global Ratings all lauded the Phoenix economy for its diversification, robust growth and strong fundamentals.</p><p>“The investments we made to turn our economy from one dependent on real estate into one rooted in innovation were the right thing to do, and they are working,” said Phoenix Mayor Greg Stanton. “Biosciences are booming, and over the last five years the number of tech companies in downtown Phoenix has quadrupled. Now three of the nation’s most influential credit and bonding agencies have just validated our model and provided inspiration to keep pressing forward.”</p><p>Here is what the ratings agencies had to say:</p><ul><li>From Fitch: “Phoenix is again solidly on a growth track. Recent expansion in higher education, healthcare and technology reflect a rapidly diversifying economy that should be better positioned to withstand future periods of economic weakness.”<br><br></li><li>In rating the Phoenix Civic Improvement Corp., S&P Global cited “the breadth and diversity of Phoenix’s economy.”<br><br></li><li>And Moody’s praised Phoenix’s “well-educated workforce” and said the Phoenix Metro economy “continues to strengthen and will continue to be a national outperformer.” Moody’s added that Phoenix will be “one of nation’s fastest-growing (economies) in 2017 thanks to a wave of new business investment and corporate relocations.”        <br></li></ul><div style="text-align:center;"></div><p style="text-align:center;"><strong>-30-</strong></p><p><br></p><p></p><p></p></div>5/12/2017 8:20:00 PMRobbie Sherwood 480-246-7944