This entry was posted on Tuesday, February 24th, 2009 at 2:22 pm and is filed under City E-Mail, City News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
a creditable community website
Bonds
This is the second time recently that S&P has upgraded the quality of city bonds.
For your coverage consideration. Thank you,
Diane Arthur
Public Information Officer, City of Surprise
12425 W. Bell Road, Suite D-100
Surprise, Arizona 85374
623.222.1422 www.surpriseaz.com
Surprise, AZ (February 24, 2009) Standard and Poor’s (S&P),
one of the leading credit rating agencies in the United States, has upgraded Surprise’s General Obligation debt to ‘AA’ from
‘AA-.’
This is the second time recently that S&P has upgraded the quality of city bonds. Earlier this month, the rating agency upgraded the Surprise Municipal Property Corporation (MPC) debt to ‘AA’ from ‘AA-.‘
“This came completely out of the blue as we had not asked for a review of our general obligation rating,” said Surprise Finance Director Robert Nilles. “This really is great news that could save residents over a million dollars if a bond election is recommended this fall.”
In assigning the ratings upgrade S&P stated ”the economic stabilization reserves will be maintained, and the city’s Financial Management Assessment score of “strong” mitigates credit concerns about recent softness in revenue.”
“These upgrades are a testament to the sound financial decisions that have been made by the City Council and Management,” said Surprise City Manager Randy Oliver.
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