Gilbert now has a AAA General Obligation Bonds rating from all three major rating agencies.
Gilbert, Ariz. – Gilbert, Arizona is excited to announce that it has received four credit rating upgrades from Standard & Poor’s (S&P) Global Ratings, including a AAA rating for Gilbert’s General Obligation Bonds (GO) making the community one of less than 50 municipalities nationwide to hold AAA ratings from all three of the major rating agencies. The report attributes the upgrades to a very strong economy, very strong management with strong financial policies and practices, and strong budgetary performance.
Gilbert Public Facilities Corporation Bonds, used to fund the construction of parks, fire stations, other public safety, and municipal facilities, and Gilbert’s Subordinate Lien Bonds, used to fund construction of the University Building, were also upgraded from AA+ to AAA. Gilbert’s Improvement District Bonds, used by property owners to self-impose tax to fund needed infrastructure improvements for a set of properties, was upgraded from A+ to AA-.
“We are thrilled to receive these recognitions from S&P Global Ratings,” says Patrick Banger, Gilbert Town Manager. “As Gilbert seeks to create the ‘City of the Future’, making smart financial decisions today will provide greater possibilities in the years to come.”
Similar to your personal credit score, Gilbert’s AAA credit rating contributes to savings by reducing interest rates, allowing funds to go toward paying for the actual projects and not the borrowing costs. This achievement shows potential investors that Gilbert’s fiscal policies and practices are among the best in the country, putting itself into secure financial footing with a long-term focus and balancing available resources and the community’s need for services.
Find the full press release on GilbertAZ.gov.