The fiscal stability of Glendale has taken a positive turn, as evidenced by the recent bond rating upgrade from Moody's Investor Services. The city observed an improvement in the rating of its general obligation bonds, senior, and subordinate lien excise tax bonds, and transportation sales tax bonds, moving up to Aa3 from A1. This upgrade denotes a recognition by Moody’s of Glendale’s strengthened financial position and ongoing economic growth.
In highlighting the benefits of this upgrade, Assistant City Manager Vicki Rios stated, “The trajectory of the city’s financial heath has continued to be positive for nearly a decade.” According to a press release from the City of Glendale, the elevation in the bond rating acknowledges the prudent fiscal strategies adopted by the City Council and city management. Moody's endorsement signals to investors the quality and reliability, of the city's bonds—an essential factor for those considering where to allocate their resources.
Looking back, Glendale's current financial fortitude is in stark contrast to the shakier grounds it faced around a decade ago following the Great Recession. It was during that challenging juncture, that reform-minded financial leaders were ushered in, policies underwent reformations, and moves like the refinancing of bonded debt led to substantive savings for Glendale. These strategic efforts have manifested in a continual increase in bond ratings and a substantive boost to the city’s general fund balance.
Glendale Mayor Jerry Weiers expressed his pride in the financial turnaround, "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." This latest Moody's rating bump isn't an isolated incident but rather the latest in a string of increases that Glenadale has enjoyed since 2016. As reported by the City of Glendale, the rating improvement is anticipated to lower borrowing costs, allowing the city to invest more effectively in priorities that matter to its residents.
Mayor Weiers further noted the collective effort toward stabilizing Glendale's finances: "This rating increase reflects positively on the direction the city is headed and will ultimately result in the ability to invest in the areas most important to our residents," as stated by the City of Glendale. The sequence of rating enhancements serves as a testament to Glendale's commitment to economic stability and fiscal responsibility, setting a proactive example of municipal management
