S&P Global Ratings has revised the City of Houston's financial outlook from negative to stable, a move Mayor John Whitmire says reflects the city's recent efforts to strengthen its finances.

The revised outlook comes about two years after S&P changed Houston's outlook to negative, citing budgetary pressures related to increased debt service, salary obligations and limited revenue flexibility under the city's property tax cap.

In a statement released Wednesday, Whitmire called the change "an indication that Houston is meeting its challenges and moving in the right direction." "When I took office, I promised to focus on good government, eliminate waste, fraud, and corruption, strengthen the city's finances, and restore confidence in City Hall," Whitmire said.