SAN DIEGO -- All three of the major credit rating companies have now upgraded San Diego's rating, making it easier for the city to issue bonds, Mayor Jerry Sanders announced Thursday at City Hall.

Moody's Investors Service is the latest to upgrade San Diego's rating -- from negative to stable -- on general obligation bonds, despite lingering financial pressures on the city, according to a report from the company released Thursday.

The company changed the city's bond rating from A3 to A2, according to Moody's.

Moody's waited to increase the rating until the city submitted an audit opinion of 2006 and unaudited financial results for 2007, Sanders said.

The company reported a "notable, and now confirmed, improvement to the city's financial position." In the report, Moody's also lauded the city for resolving the ongoing investigations that hampered the city's financial reporting.

The mayor pointed out that Moody's upgrade follows similar actions from Wall Street's two other rating agencies, Fitch Ratings and Standard & Poor's, earlier this year.

Wall Street rating agency Standard & Poor's suspended San Diego's credit rating in 2004 amid mounting investigations into the city's flawed financial reporting practices.

Following Standard & Poor's, Fitch Ratings and Moody's lowered the city's credit rating.

The move essentially stopped San Diego from issuing bonds to borrow money to pay for infrastructure projects.