Bucks For Buffalo

April 10, 2012 Updated Apr 10, 2012 at 9:25 AM EDT

By WKBW News

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April 10, 2012 Updated Apr 10, 2012 at 9:25 AM EDT

BUFFALO, N.Y. ( WKBW ) There is good news for the City of Buffalo and it's financial future.

Moody's Investors Service, a major credit rating agency, says Buffalo has significantly improved it's debt situation.

The agency upgraded the rating for the City to A1 from A2, which essentially gives the city more borrowing power.

Moody's credits the Fiscal Stability Board for the City, which was put into place several years ago to oversee the finances for the city. Moody's says it has maintained conservative budgeting.

Moodys did warn the city to limit spending reserves to avoid a credit downgrade.