Glendale Sees Second Bond Rating Upgrade This Year
For the second time in three months, Glendale’s bond ratings have gone up.
On Wednesday, Standard and Poor’s Rating Services increased the city’s general obligation bonds to an A+ rating, a jump of three places from 2012.
Earlier this year, Moody’s Investment Services raised its ratings on Glendale’s bonds.
City manager Kevin Phelps said the ratings will mean less costs paying for bond interest and comes from smart financial management.
“Prioritizing how we spend money, being more strategic on where we spent," Phelps said. "So we’ve been very slow to add on new employees to the city workforce and we’ve just made good business decisions."
Phelps said these improvements will be an important asset to growing Glendale’s revenue.
“We’re going to do that really by having a higher priority on growing out existing companies and retaining those that sometimes leave the community and obviously recruiting new companies to come to town,” he said.
Phelps said Glendale’s budget, which will be released in April, plans for $50 million in the city’s reserve funds, a long way from having negative funds in 2012.
These ratings come after a series of downgrades four years ago.