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The City of Glendale is proud to share an upgraded bond rating to Aa3 from A1 by Moody’s Investor Services, a widely respected source for credit ratings, research and risk analysis.
(Facebook Photo/City of Glendale, Arizona – Government)
The upgraded rating is specific to the city’s general obligation bonds, excise bonds with senior and subordinate liens, and transportation sales tax bonds, signaling a strong and greatly improved financial position for the city.
Bond ratings are an essential tool for investors to assess the quality and stability of bonds. In raising Glendale’s rating, independent agencies such as Moody’s recognize the city’s financial strength and continued economic growth.
“The city’s financial trajectory has continued to be positive for nearly a decade,” said Glendale Assistant Manager Vicki Rios. “The upgraded rating from Moody’s confirms the prudent decisions of the city council and city management.”
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, a new financial leadership was introduced and new political reforms were implemented as the city was experiencing a serious financial crisis. Under their leadership and with the support of the city’s elected officials, Glendale was able to save dramatically by refinancing its bond debt, experiencing a steady increase in its bond ratings and a significant increase in its total fund balance.
“We have worked diligently to restore the city’s financial health since I took office, and I am proud of the commitment of myself and the City Council, along with city leadership, to get to this point,” said Glendale Mayor Jerry Weyers. “This rating increase reflects positively on the direction the city is headed and will ultimately lead to the ability to invest in the areas that matter most to our residents.”
This latest rating increase follows a series of increases that began in 2016. The most recent was in January 2024, when Fitch Ratings upgraded the city’s water and sewer bonds from AA to AA+.
Read more stories from the Phoenix area at Signals A Z.com.
