"... we believe the City possesses the financial stability and flexibility to sustain identical ratings."
The S & P assessment cited the following factors:
- Strong Budgetary Performance
- Very Strong Budgetary Flexibility
- Very Strong Liquidity
- Adequate Debt and Contingent Liability
- Strong Management
The ratings agency stated that the strengths sufficiently mitigated below-average economic characteristics and a large pension and OPEB Liability.
A bond rating is a grade given to a bond that indicates its credit quality. Private independent rating services provide these evaluations of a bond issuer's financial strength or its ability to pay a bond's principal and interest in a timely fashion.