Peoria,
Ariz. (
March 5, 2007) – Based on the city’s strong
financial practices and continued economic growth, Peoria received an upgrade of
its general obligation bonds for the third time in seven years.
The bond rating increases mean savings in debt service to the city. “This is
excellent news as it directly impacts the interest we pay on new debt,” said
City of Peoria Chief Financial Officer Brent Mattingly. Peoria will save an
estimated $320,000 on bonds recently issued, and approximately $600,000 on
future debt issues.
Each of the three major bond rating agencies upgraded Peoria’s bond rating this
week.
·
Fitch Ratings: Maintained General Obligation bond rating at “AA”
and upgraded outstanding Improvement District bonds from “A+” to “AA-.”
·
Moody’s Investors Service: Maintained General Obligation bond
rating at “Aa3.”
·
Standard & Poor’s: Increased General Obligation bond rating from
“AA-“ to “AA” and upgraded outstanding Revenue Bonds from “A+” to “AA-.”
According to the most recent rating agency reviews, the solid 'AA' rating
reflects the city's sound financial performance, strong fiscal policies and
accompanying monitoring, reporting and forecasting practices, along with
continued economic expansion and strong population growth. Standard & Poor’s
further stated Peoria’s “stable outlook reflections our expectation that the
city will continue its good financial performance and maintain strong fund
balance levels.”
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Media Contact:
Brent Mattingly, Chief Finance
Officer, 623-773-7134
Sherine Zaya, Public Information Officer,
623-773-7338
