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Economic growth earns Glendale upgraded bond rating
Posted
The city of Glendale has received a bond rating upgrade from S&P Global Ratings.
S&P upgraded Glendale’s existing General Obligation (GO) debt to ‘AA’ from ‘AA-’, the city announced. At the same time, Glendale’s long-term rating on existing appropriation debt was raised to ‘AA-’ from ‘A+’.
Lastly, S&P assigned an ‘AA’ rating on the city’s $30.9 million 2022 GO Bonds that are anticipated to be issued in March of this year.
Rating agencies such as S&P analyze the financial data and benchmark performance against other peer cities. Rating increases make Glendale’s bonds more marketable because investors view them as a safer investment, which lowers borrowing rates.
“We are excited about the bond-rating upgrade, which will result in significant savings to the taxpayers,” Glendale Budget and Finance Director Lisette Camacho shared in a news release. “The City Council and City management have been strategically focused on keeping Glendale financially sustainable while accomplishing our economic development goals. This independent third-party verification recognizes our accomplishments.”
