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VALLEJO, CA – The City of Vallejo is pleased to announce that S&P Global Ratings, one of the nation’s top authorities on the fiscal health of public and private institutions, upgraded its rating this month on the City's 1999 certificates of participation (COPS) by two notches, from "BBB" to “A-“ , and assigned a positive outlook.
The upgrade is due to the City's maintenance of a strong financial position during the past five fiscal years and updated projections that indicate generally balanced performance during the next five fiscal years.
"This is excellent news for Vallejo," said City Manager Mike Malone. "This rating upgrade is a testament to what our Finance team has accomplished in the last five years, especially with two of those fiscal years occurring during an economy-rocking pandemic."
The positive outlook infers that there is at least a one-in-three chance that S&P could raise the rating further during the next two years if Vallejo's general fund continues to perform well.
In general, higher credit ratings can result in lower borrowing costs as investors view those securities as less risky.
Finance Director Rekha Nayar remarked, "Not only does the City's finance team work hard, but they also work smart every day to ensure the City's continued financial stability and accountability to its citizens. These ratings are a recognition of our continued commitment to them."
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