The City of Avondale has distinguished itself with a set of strikingly high credit ratings from major agencies, showcasing its financial robustness and setting the stage for economic debt acquisition. Fitch Ratings has assigned a ‘AAA’ rating, the topmost achievable score, for its General Obligation Bonds, influenced by the city’s steadfast financial resilience and strategic investments in infrastructure necessary for its burgeoning community, as detailed by the City of Avondale.
The city's finance and budget management received accolades from Moody’s Investors Service as well, which upheld Avondale’s robust AA1 credit rating, just one step below perfect, the agency’s evaluation rooted in the city’s sterling financial maneuvering, marked economic expansion, and a fund balance of a substantial $264.8 million, which equates to an imposing 110.0% of annual revenues, a clear sign not just of prudent planning but also an ability to stand tall in the face of any economic headwinds. Moody’s nodded toward Avondale’s tax base which has seen an impressive leap since 2021, now sized at $12.3 billion, a testament to the development of nearly 15,000 housing units and appreciating property values.
Renee Weatherless, the Finance & Budget Director of Avondale, underscored the city’s commitment to strong fiscal principles and forward-thinking investment strategies that bolster both the economy and the quality of life for Avondale’s residents. "These ratings reflect our dedication to sound financial practices and strategic investments that support Avondale’s growing population and thriving economy," she remarked, as reported by the city's official news release.
Avondale is set to issue $12 million in General Obligation Bonds to support essential sewer infrastructure improvements. For more details about Avondale's Finance and Budget, visit www.avondaleaz.gov.
