City Economy: Mayor Announces City's Credit Rating Upgraded Highest Grade in History
Mayor Edwin M. Lee today announced major bond rating agencies have upgraded and affirmed San Francisco’s strong credit after the City met with Moody’s Investors Service (Moody’s), Standard & Poor’s (S&P) and Fitch Ratings (Fitch) in December 2015 in connection with the proposed sale of approximately $52.1 million in general obligation bonds to finance the construction, reconstruction, purchase and/or improvement of park and recreation facilities located within the City under the jurisdiction of the Recreation and Park or the Port of San Francisco.
“Because of our strong, diverse economy and fiscally responsible budgetary and financial controls, San Francisco’s credit rating has never been higher,” said Mayor Lee. “San Francisco is creating investor confidence with strategic investments and economic policies that are working. Although our revenue growth is strong and outpaces the State and the Nation, we will continue our long term financial management and reduce volatility to weather the challenges of a potential economic downturn.”