The financial prowess of Glendale is on the upswing, as S&P Global Ratings, a heavyweight in the creditworthiness ring, has boosted the city's bond rating from AA to AA+. This thumbs-up from the financial giants speaks volumes of Glendale's economic savvy, sprouting from robust fiscal management and consecutive growth. It's the kind of news that might not spark street parades but sure does warm the cockles of investors looking for stability and quality in their bond purchases.
Assistant City Manager Vicki Rios boasted the city's fiscal fitness routine, citing a decade of careful stewardship and echoing the sentiments of S&P, "The City Council and city management’s fiscal stewardship over the past decade has strengthened Glendale’s financial health," in words drawn straight from the City of Glendale official announcement. Glendale's burgeoning economy, which has flexed its muscles with an influx of new residents, a more diverse array of businesses, and hefty new investments, has not only fattened the city's revenue streams but also padded its reserves giving Glendale wiggle room to maintain its urban amenities and infrastructure without sweating bullets over long-term stability.
Not one to miss the opportunity for a victory lap, Glendale Mayor Jerry P. Weiers pointed out his own laser focus on Glendale's financial fortitude and its rippling positive effects: "Since taking office, I have remained focused on strengthening Glendale’s financial position," Mayor Weiers stated, pinpointing the credit rating jump as a nod to Glendale's golden direction and a gateway to more investments in what locals hold dear, as detailed by the City of Glendale news release.
This latest nod from S&P is not the first round of applause Glendale has received for its economic acumen—in fact, its creditworthiness has been on a steady climb since 2016 with the previous tip of the hat coming from Moody's Investor Services last October when they upgraded the city's general obligation bonds, senior and subordinate lien excise tax bonds and transportation sales tax bonds from A1 to Aa3.
