San Diego, CA ICR And Lease Revenue Bond Rating Outlook Revised To Positive On Efforts To Boost Financial Resilience

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:17
SAN FRANCISCO--17 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 16, 2018--S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA' issuer credit rating (ICR) on San Diego, Calif., and its 'AA-' long-term rating and underlying rating (SPUR) on various authorities' outstanding lease revenue bonds issued for the city. At the same time, S&P Global Ratings assigned its 'AA-' long-term rating, with a positive outlook, to the city's series 2018A lease revenue refunding bonds.

"The positive outlook revision reflects our view of the city's efforts in recent years to reduce its pension liabilities and its infrastructure funding gap, as well as to take advantage of favorable economic trends to bolster its financial resilience," said S&P Global Ratings credit analyst Chris Grant.

"We believe that there is at least a one-in-three chance that we will raise our ratings within the next two years due to these efforts, further enhanced if the city receives a favorable judgment from the state supreme court regarding its 2012 pension reforms."


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