May 24, 2022 Breaking News, Latest News, and Videos

Santa Monica’s Top Credit Rating Reconfirmed:

The three major national credit rating agencies, Fitch Rating, Moody’s Investor Service, and Standard & Poor all affirmed the City of Santa Monica’s triple-A credit ratings this week.

A credit rating of triple-A is the highest credit rating the agencies assign.

Santa Monica’s strong fiscal management, low debt levels and diverse economy, is behind the rating, according to the City.

“The affirmation of Santa Monica’s triple-A rating is a reflection of the City’s ongoing sound financial management and its commitment to controlling expenditures, as well as the community’s commitment to maintain our schools and services through the passage of Measures Y and YY,” said City Manager Rod Gould.

The City was required to seek out revised credit ratings as part of the debt financing scheme for the reconstruction of Parking Structure 6 that was approved by the City Council on Tuesday, Oct. 25, 2011.

Fitch Ratings, Moody’s Investors Service and Standard & Poor’s all affirmed Santa Monica’s ratings of AAA/Aaa/AAA on the City’s general obligation bonds in conjunction with the upcoming issuance by the Santa Monica Public Financing Authority of its Series 2011 Lease Revenue Bonds.

The Series 2011 Bonds will be issued to finance a portion of the renovation costs of Parking Structure #6 located on 2nd Street in Downtown Santa Monica and to refinance outstanding bonds of the City for debt service savings.

The Series 2011 Bonds are rated AA+ by Fitch Ratings and Standard & Poor’s and Aa1 by Moody’s Investors Service, the highest rating level assigned by the rating agencies on this type of bond.

Santa Monica’s high credit ratings save taxpayers’ money on bonding for capital projects.

In assigning it’s AA+ rating on the Series 2011 Bonds, Fitch Ratings said the rating reflects “the city’s very strong financial position, projected balanced operations and strong financial management” and “prudent actions by management to pare expenditure growth” in addition to its “vibrant retail and hospitality sectors and high income levels, in spite of recent recessionary pressures”.

Moody’s Investors Service stated that the Aa1 rating reflects Santa Monica’s “robust financial management, characterized by conservative budgeting which helps address the risks posted by the prevalence of economically sensitive taxes that comprise the city’s revenues”.

in News
Related Posts

Landmark Theater Official Closes on Pico

May 24, 2022

May 24, 2022

Pico Boulevard location closes Sunday By Sam Catanzaro The Landmark Theater on Pico Boulevard in Westwood has officially closed.  The...

Road Closures Expected During Demolition Of Parking Structure Three: Santa Monica Beat – May 23rd, 2022

May 23, 2022

May 23, 2022

Local news and culture in under 5 minutes.* Free Donuts At Randy’s Donuts For National Doughnut Day* Road Closures Expected...

Los Angeles Metro Sees 15.9 Percent Increase in Median Rent

May 20, 2022

May 20, 2022

Median rent of $2,258, according to recent report By Dolores Quintana The ongoing pandemic has exacerbated the issues of housing...

New Renderings for Frank Gehry Hotel Development in Santa Monica

May 20, 2022

May 20, 2022

Project would include hotel, apartments, retail and a museum By Dolores Quintana Slowly but surely, plans for a  Frank Gehry-designed...

Shared Mobility Plummets in Santa Monica

May 20, 2022

May 20, 2022

Recent report also shows that nearly half of riders make over $100,000 By Sam Catanzaro Shared mobility use in Santa...

Christopher Dishlip Selected as Santa Monica’s New Assistant Director of Public Works

May 20, 2022

May 20, 2022

Public Works Director Rick Valte announced the selection of Christopher Dishlip as Santa Monica’s new Assistant Director of Public Works....

Letter to Editor: Response to Himmelrich’s “We Walk the Talk” Column

May 20, 2022

May 20, 2022

By Beau Marks As a Santa Monica resident, I am dismayed by Sue Himmelrich’s response (“We Walk the Talk,” Santa...

Motional And UberEats Launch Autonomous Deliveries In Santa Monica

May 18, 2022

May 18, 2022

There Are Plans For Expansion Into The Rest Of Los Angeles Motional, a global driverless technology leader, and Uber Technologies...

Winston Pies Opening Third Location In Santa Monica

May 18, 2022

May 18, 2022

The restaurant used to be known as ButterCrust Pies Winston Pies is staying in Santa Monica when opening their third...

Only 10 Vaquita Porpoises Survive, But The Species May Not Be Doomed

May 17, 2022

May 17, 2022

Hope remains for the porpoise species not only survive but thrive with human help. By Stuart Wolpert The vaquita porpoise,...

The American Cinematheque Brings “Bleak Week” To Santa Monica’s Aero Theatre And The Los Feliz Three Theatre

May 17, 2022

May 17, 2022

33 Films From 18 Countries In One Week. By Dolores Quintana Sometimes when things are tough and you’re feeling down,...

Man Who Murdered His Family Members Pleads Guilty To Five Other Killings

May 16, 2022

May 16, 2022

Escobar injured an additional seven other people as well.  By Dolores Quintana A man, Ramon Escobar, has pleaded guilty to...

The price of gasoline in Los Angeles County Has Experienced The Largest Increase Since February

May 16, 2022

May 16, 2022

Gasoline prices in Orange County Have Also Increased By Dolores Quintana Regular self-serve gasoline in the county of Los Angeles...

Santa Monica Travel Summit Of 2022 Returns To Take On Tomorrow

May 16, 2022

May 16, 2022

The Event Was Held At The Jonathan Club On Santa Monica Beach By Staff Writer The 2022 Santa Monica Tourism...

City Council Extends Santa Monica’s Parklet Program: Santa Monica Beat – May 16th, 2022

May 16, 2022

May 16, 2022

Local news and culture in under 5 minutes.* City Council Extends Santa Monica’s Parklet Program * Santa Monica High School Students...