Glendale Receives Upgraded Bond Rating

Glendale Receives Upgraded Bond Rating
Posted on 02/24/2022
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."