Three Wall Street Firms Raise San Jose, Calif.'s Credit Rating.

Byline: Noam Levey

Mar. 8--San Jose taxpayers will save millions of dollars on voter-approved bonds for new parks and libraries as three Wall Street firms raised the city's credit rating, giving it the best grade among California's 10 largest cities.

Standard & Poor's announced Wednesday it is assigning the city a AAplus rating, one notch below the highest rating it hands out. Both Moody's and Fitch also raised San Jose's credit rating to an equivalent level.

Because a higher credit rating means less interest, San Jose taxpayers should save an estimated $6.8 million as the city sells bonds to pay for a long list of neighborhood projects approved by …