FOR IMMEDIATE RELEASE

Contact: Joyce Masterson, 760-839-4621

 

City officials announced today that Standard & Poor's Ratings Services had upgraded several of Escondido’s bond ratings.

Standard & Poors raised its long-term rating and underlying rating to 'AA-' from 'A+' on Escondido’s existing general obligation (GO) bonds. At the same time, Standard & Poor’s  raised the long-term ratings to 'A+' from 'A' on the Escondido Joint Powers Financing Authority's lease revenue bonds, and on the city's existing appropriation debt.

The outlook is stable for all bonds. The stable outlook reflects Standard & Poor's opinion that Escondido's strong unreserved fund balances will likely provide a financial cushion should the city experience any revenue decrease to balance operations. Standard & Poor’s does not expect to lower the rating within the outlook's two-year period due to their expectation that Escondido will likely maintain what they consider very strong reserves.

A copy of the rationale supporting the ratings and outlook is available on the city’s website at: https://www.escondido.org/Data/Sites/1/media/pdfs/Finance/City_of_Escondido_Report.pdf

 

###