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Interim Mayor Todd Gloria: News From City of San Diego

Standard & Poor's, a major credit rating agency, raised the city of San Diego's issuer credit rating from AA- to AA and lease-revenue-bonds rating from A+ to AA-, citing the city's strong financial management, improving local economy, and healthy general fund reserve. The interim mayor applauded city council, employee groups, and staff for their efforts in improving the city's finances. The higher credit rating means the city can potentially save money when issuing bonds for infrastructure projects.

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Interim Mayor Todd Gloria: News From City of San Diego

Standard & Poor's, a major credit rating agency, raised the city of San Diego's issuer credit rating from AA- to AA and lease-revenue-bonds rating from A+ to AA-, citing the city's strong financial management, improving local economy, and healthy general fund reserve. The interim mayor applauded city council, employee groups, and staff for their efforts in improving the city's finances. The higher credit rating means the city can potentially save money when issuing bonds for infrastructure projects.

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News from

Interim Mayor Todd Gloria


City of San Diego
NEWS RELEASE
For immediate release: December 20, 2013 Contact: Katie Keach, 619-847-8274

Standard & Poors Boosts San Diegos Credit Rating


Credit Upgrade Is Latest Good News About Citys Finances
SAN DIEGO, CA (December 20, 2013) The city of San Diegos credit rating is going up, Interim Mayor Todd Gloria announced today, the latest good news about the citys finances. Standard & Poors Rating Services, one of Wall Streets most prominent municipal rating agencies, raised San Diegos issuer credit rating to AA from AA- on Friday. The agency raised the citys leaserevenue-bonds rating to AA- from A+ and also confirmed its outlook of stable for San Diego. This is huge and tremendous news for San Diego, Gloria said. I want to applaud all the people who helped us get where we are today. I want to thank the City Council for its fiscal discipline, all the employee groups who helped the city with its financial reforms, and the countless city staffers whose efforts in this area have been tireless. The ratings upgrade means, among other things, that the city potentially can save money when it sells bonds to pay for hundreds of future infrastructure projects ranging from street repairs to water-main replacements. We have a strong financial management team in place, the local economy is improving and we have a healthy general fund reserve, Gloria said. Our city has come a long way. This marks the second time since 2008 that Standard & Poors has upgraded the citys credit rating. The first time was in 2012. The agency reinstated the citys rating in 2008 after suspending it in 2004. Standard & Poors is scheduled to release a report next week explaining the reasons for todays decision.

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