Upgrade Recognizes City’s Continued Economic Growth and Affirms Prudent
Financial Actions Taken to Ensure Financial Stability
The City of Glendale is proud to announce it 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-’. At the same time, the
City’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 2022.
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,” said Glendale Budget and Finance Director Lisette
Camacho. “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.”
"Upon taking office as Mayor, I inherited a City with one of the lowest bond
ratings in the country. My commitment to residents was to restore the City's financial
health," said Glendale Mayor Jerry Weiers. "This rating increase follows a series of
upgrades that began in 2016. This is great news for the future of our City because it
affects our ability to refinance debt at a lower rate, negotiate better contracts, and save
taxpayers money. I'm incredibly proud of the City Council and City Management's
work over the past nine years. The future has never been brighter for our City and its
residents."