The city of Glendale has announced an upgrade in its bond rating to Aa3 from A1 by Moody’s Investor Services. This upgrade applies to the city's general obligation bonds, senior and subordinate lien excise tax bonds, and transportation sales tax bonds. The improved rating reflects a stronger financial position for Glendale.
Bond ratings are crucial for investors as they assess the quality and stability of a bond. The upgrade from Moody’s indicates recognition of Glendale's financial strength and economic growth.
“The trajectory of the city’s financial health has continued to be positive for nearly a decade,” stated Vicki Rios, Glendale Assistant City Manager. “The upgraded rating from Moody’s affirms the City Council and city management’s prudent decisions.”
Glendale's financial situation has changed significantly since it emerged from the Great Recession about ten years ago. New financial leadership and policy reforms were introduced during that period due to a serious financial crisis. Under this new leadership, with support from elected officials, Glendale managed to save significantly by refinancing its bonded debt, raising its bond ratings continuously, and increasing its general fund balance.
"We have been diligent about restoring the city’s financial health since I took office," said Mayor Jerry Weiers. "This rating increase reflects positively on the direction the city is headed and will ultimately result in the ability to invest in areas most important to our residents."
This recent upgrade follows a series of increases beginning in 2016. The previous increase was in January 2024 when Fitch Ratings raised the city's water and sewer bonds to AA+ from AA.
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