San Francisco’s credit rating went up to the highest grade it has received from major bond rating agencies in city history, Mayor Ed Lee’s office announced Monday.
The announcement comes after the proposed sale of about $52.1 million in general obligation bonds to fund improvements within the city, according city officials.
According to Fitch Ratings, the upgrade:
“… reflects the City’s fiscally prudent institutionalized financial policies which, along with several years of strong economic revenue growth, have resulted in robust rainy day and budgetary reserves.”
Fitch, along with Standard & Poor’s and Moody’s Investors Service, also cites San Francisco’s large, diverse and exceptionally strong economic base as one of the many reasons for the upgrade.
Mayor Ed Lee said in a statement:
“Because of our strong, diverse, economy and fiscally responsible budgetary and financial controls, San Francisco’s credit rating has never been higher.”
According to city officials, the city expects to sell the bonds on Jan. 20 and to close on or about Feb. 20.