Coconino News

The city of Glendale proudly shares an upgraded bond rating to A1 from A2 from Moody’s Investors Service, a leading global provider of credit ratings, research, and risk analysis. The upgrade, announced in May 2023, is to the city’s transportation excise tax bonds, affecting $47.3 million of rated debt.
Bond ratings are an essential tool for investors to assess the quality and stability of a bond. By upgrading Glendale’s rating, independent agencies like Moody’s recognize the city’s financial strength and continued economic growth.

“We are proud that the economic strength of Glendale was recognized and resulted in the bond-rating upgrade,” said Glendale Assistant City Manager Vicki Rios. “This upgrade affirms the way the City Council and city management have consistently made prudent decisions to positively impact the city's financial health.”

Glendale is in a much different place financially than it was about ten years ago when it was coming out of the Great Recession. At that time, new financial leadership was brought in, and new policy reforms were implemented because the city was experiencing a serious financial crisis. Under their stewardship and with the support of the city’s elected officials, Glendale was able to save dramatically by refinancing its bonded debt, experiencing a continual raising of its bond rating and significantly increasing its general fund balance.

This latest rating increase follows a series of increases that started in 2016. The last one was in February 2022 when S&P Global Ratings upgraded Glendale’s existing General Obligation (GO) debt to AA from AA-. At that same time, the city’s long-term rating on existing appropriation debt was raised to AA- from A+.

"We have been diligent about restoring the city’s financial health since I took office and I’m proud of the commitment of myself and the City Council, along with city management to reach this point," said Glendale Mayor Jerry Weiers. "This rating increase reflects positively on the direction the city is headed and will ultimately result in the ability to invest in areas most important to our residents.”

The city will hold a special election in November 2023 for additional General Obligation bond authority. Residents will vote on two proposed bonds. One is for street and intersection improvements and the other is for public safety projects. For more information visit www.Glendaleaz.com/Bond2023.

Original source can be found here.