Special election coming this November for additional General Obligation bond authority
Special to Independent Newsmedia
Posted 6/15/23
Glendale received an upgraded bond rating to A1 from A2 from Moody’s Investors Service, a leading global provider of credit ratings, research, and risk analysis, the city announced.
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Glendale received an upgraded bond rating to A1 from A2 from Moody’s Investors Service, a leading global provider of credit ratings, research, and risk analysis, the city announced.
The upgrade is to the city’s transportation excise tax bonds, affecting $47.3 million of rated debt.
Bond ratings are an essential tool for investors to assess the quality and stability of a bond, a news release notes. By upgrading Glendale’s rating, independent agencies like Moody’s recognize the city’s financial strength and continued economic growth.
“We are proud that the economic strength of Glendale was recognized and resulted in the bond-rating upgrade,” Glendale Assistant City Manager Vicki Rios shared in a statement.
Glendale’s financial circumstances are different than 10 years ago when the city was coming out of the Great Recession. At that time, new financial leadership was brought in and new policy reforms were implemented after the city experienced serious financial crisis.
The city’s elected officials saved money by refinancing Glendale’s bonded debt, which led to a continual raising of its bond rating and increasing its general fund balance.
The last rating increase was in February 2022 when S&P Global Ratings upgraded Glendale’s existing General Obligation debt to AA from AA-. At that same time, the city’s long-term rating on existing appropriation debt was raised to AA- from A+.
The city will hold a special election in November for additional General Obligation bond authority. Residents will vote on two proposed bonds. One is for street and intersection improvements and the other is for public safety projects.
