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city of glendale
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The City of Glendale is proud to have its bond rating upgraded from A1 to Aa3 from Moody’s Investors Service, a widely respected provider of credit ratings, research and risk analysis.
(Facebook Photo/City of Glendale, Arizona – Government)
This rating upgrade is specific to the City’s general obligation bonds, lien/subordinated excise tax bonds, and transportation sales tax bonds and indicates a strong and significantly improved City financial position.
Bond ratings are an essential tool for investors to assess the quality and stability of bonds. Independent agencies like Moody’s recognize Glendale’s fiscal strength and continued economic growth by raising their ratings.
“The city’s fiscal health trajectory has remained strong for nearly a decade,” said Vicki Rios, deputy city manager for the city of Glendale. “Moody’s upgrade confirms the wise decisions of the City Council and city management.”
Glendale is in a much different financial situation than it was about a decade ago, when it was emerging from the Great Recession. At the time, the city was facing a severe financial crisis, so new fiscal leadership was brought in and new policy reforms were implemented. With their stewardship and the support of city elected officials, Glendale has been able to dramatically save by refinancing its bonds, experiencing continued bond rating increases, and significantly increasing its general fund balance. I did.
“Since I took office, I have worked diligently to improve our city’s fiscal health,” said Glendale Mayor Jerry Wyers. “I am proud of how far I, the City Council, and the city management team have come. ” he said. “This increased rating is a positive reflection of the direction the city is headed and will ultimately allow us to invest in the areas that matter most to our residents.”
This rating upgrade follows a series of upgrades that began in 2016. The last increase was in January 2024, when Fitch Ratings upgraded the city’s water and wastewater bonds from AA to AA+.
