On October 10, Glendale announced that its bond rating had been upgraded from A1 to Aa3 by Moody’s Investors Service, a source of credit ratings, research and risk analysis.
The rating upgrades are specific to the city’s general obligation bonds, lien and subordinated excise tax bonds, and transportation sales tax bonds and indicate the city’s strong and improving financial condition.
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,” Glendale Deputy City Manager Vicki Rios said in a press release. “Moody’s upgrade confirms the wise decisions of the City Council and city management.”
Glendale was in a different situation economically about 10 years ago as it was emerging from the Great Recession. At that time, new financial leadership was introduced and new policy reforms were implemented. With their management and the support of city elected officials, Glendale experienced continued bond rating increases and was able to increase its general fund balance while saving money by refinancing its bonds.
“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+.
