Chandler’s Excise Tax Revenue Obligations ratings recently were all reaffirmed by the three major credit rating agencies.
City officials requested the ratings review in anticipation of an upcoming sale of approximately $110 million in ETROs, which will be used to fund various water and wastewater capital projects.
Both Fitch Ratings and Standard & Poor’s Ratings Services notified Chandler that they affirmed their highest AAA long-term rating for the city’s 2013 ETROs. The third service, Moody’s Investors Service, assigned an Aa1 rating, its second highest rating. All three agencies assigned a “Stable” outlook to Chandler’s financial position.
Two of the agencies also reviewed the City’s ratings for outstanding General Obligation bonds. Both Fitch and Moody’s reaffirmed their respective ratings of AAA and Aaa.
“We are committed to maintaining fiscal discipline, and that breeds confidence among investors and business leaders who see Chandler as a place of opportunity. Our focus remains on continued economic growth for years to come,” said Chandler Mayor Jay Tibshraeny. “By reaffirming our high ratings, these agencies are reinforcing our reputation as a well-managed City with strong fiscal policies and a balanced and flexible financial plan for the future,”