The City of Tucson recently received this year’s bond ratings reports from Fitch Ratings and Standard & Poor’s Global Ratings. Both agencies upgraded the City’s financial credit profile, with Fitch upgrading the Rating Outlook from “Stable” to “Positive” and Standard & Poor’s upgrading all evaluated categories of General Obligation Bonds and Certificates of Participation.
The improvements are an important indicator of the City’s financial health and an affirmation of the work done by the Mayor and Tucson City Council and the City Manager over the past five years to structurally balance the City budget and grow Tucson’s economy.
High ratings allow the City to secure the lowest possible interest rates when issuing and selling bonds. Bonds and Certificates of Participation are how the City finances the majority of capital improvements, like those approved by voters when they passed Tucson Delivers Proposition 407 Parks + Connections.