...May 10, 2023 DALLAS (S&P Global Ratings) May 10, 2023--S&P Global Ratings assigned its '###' long-term issuer credit rating (ICR) to the City of Irvine, Calif. At the same time, S&P Global Ratings assigned its '##+' rating to the Irvine Facilities Financing Authority's proposed $322.2 million series 2023 lease revenue bonds that may be issued in two series, which are supported by the City of Irvine. The outlook is stable. The rating reflects our view of the city's: - Consistent trend of tax base growth, above-average resident incomes and property wealth, and location within the Los Angeles-Long Beach-Anaheim metropolitan statistical area; - Strong financial profile including very strong available general fund reserves with no expectations of material deterioration based on balanced budgets proposed for 2024 and 2025; - Strong financial management policies and practices including routine budget monitoring, long-term capital and financial planning, and formalized policies for investments,...
