Moody's had placed a "negative" rating on the city's bonds late last year after Sandy battered Long Beach.
The Manhattan-based ratings agency also credited the new Democrat-led management team for implementing new fiscal controls in January 2012.
Moody's released the following list of fiscal strengths and weaknesses:
- Improved financial controls and policies leading to balanced budgets
- Large tax base with above average wealth levels
- Manageable debt position
- Significantly weakened financial position due to past structural imbalance
- Managing the effects of Hurricane Sandy
- Narrow cash position which requires market access to ensure sufficient liquidity for daily expenditures