The city of Peoria continues to be recognized as one of the most fiscally sound cities in the Valley, thanks to recent upgrades to the city’s bond ratings by Moody’s Investors Services and Fitch Ratings.
Fitch Ratings recently increased the city’s Vistancia Community Facility District’s bond rating to an A-plus due to solid growth and financial resilience, reduced reliance on developer contributions and the healthy economic prospects and continued development in the district.
Moody Investors Services upgraded the city’s water and wastewater revenue bonds to Aa2 from Aa3. This upgrade reflects the systems’ strong financial profile, which is characterized by healthy debt service coverage and a strengthened liquidity position in recent years as a result of rigorous financial policies.
“Peoria has a long history of strong and sensible financial management,” Mayor Cathy Carlat said. “With the Principles of Sound Financial Management as our guide, every decision we make is aimed at improving the lives of those who call Peoria home.”
Peoria residents benefit from a strong bond rating, as it allows the city to save interest costs when building important infrastructure such as streets, bridges, parks and public safety facilities.
“These bond ratings are a reflection Peoria’s financial planning and stability,” City Manager Jeff Tyne said. “It’s a signal to residents, investors and potential partners that Peoria is an ideal place to live and do business.”
For more information, visit peoriaaz.gov.