CITY TREASURER ANNOUNCES STANDARD AND POOR’S UPGRADES CITY OF SACRAMENTO’S CREDIT RATING TO AA-
Today, City of Sacramento Treasurer Russ Fehr announced that the Standard and Poor’s (S&P) Credit Rating Agency has upgraded its Issuer Credit Rating for the City of Sacramento from A+ to AA-. In general terms, S&P has upgraded the city’s credit rating from upper medium grade to high grade. S&P’s analysis cites the city’s strong financial management and budget flexibility as well as regional economic recovery.
At the same time and after reviewing the proposed Entertainment and Sports Center financing, S&P upgraded the city’s lease-revenue bond rating from A to A+. Since the City will be will be issuing lease-revenue bonds to finance the arena, the higher credit rating will result in a lower interest rate and cost savings to the City.
Standard & Poor’s Financial Services LLC is an American financial services company that publishes financial research and analysis on stocks and bonds. As a credit-rating agency, the company issues credit ratings for public and private debt. S&P is one of several national rating agencies recognized by the U.S. Securities and Exchange Commission.