AA+ and Aa2 G.O. Bond Credit Ratings

The purpose of this LTC is to advise you of the credit ratings assigned by Standard & Poors (S&P) and Moody’ s to the City’ s 2019 general obligation bonds and outstanding prior G. O. bonds. I would like to underscore that both S&P and Moody’s have recently incorporated risks from climate change and severe weather events into their credit rating analysis.

I am pleased that we have been able to maintain our strong credit ratings through our proactive efforts to reduce risk by investing in our aging infrastructure and adapting to climate change by using the best available science and knowledge. We must continue to act along these lines as climate resilience will continue to be a consideration for future ratings. It is essential that we protect our tax base and our financial standing by continuing to adapt and remain committed to our resilience policies, programs, and operations. Both credit rating reports are attached for your review and highlights are provided below.

Read the entire Letter to Commission and the two attached credit rating reports by clicking to DOWNLOAD PDF