Redlands, CA Debt Rating Raised To 'AA+' On Financial Performance, Economic Growth; Outlook Stable

SAN FRANCISCO (S&P Global Ratings) Nov. 16, 2023--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on Redlands, Calif.'s series 2007 pension obligation bonds (POBs). "The raised rating reflects our view that the city will continue its record of strong-to-very-strong financial performance, which has significantly improved its available fund balances, as well as our view of its improved indicators and continuing economic growth, which we view as sustainable," said S&P Global Ratings credit analyst. The outlook is stable. The POBs are an absolute and unconditional obligation of the city, which we consider a non-ad valorem pledge. However, despite the lack of a specific full-faith-and-credit GO pledge, our rating is equivalent to our view of

...November 16, 2023 SAN FRANCISCO (S&P Global Ratings) Nov. 16, 2023--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to '##+' from '##' on Redlands, Calif.'s series 2007 pension obligation bonds (POBs). "The raised rating reflects our view that the city will continue its record of strong-to-very-strong financial performance, which has significantly improved its available fund balances, as well as our view of its improved indicators and continuing economic growth, which we view as sustainable," said S&P Global Ratings credit analyst. The outlook is stable. The POBs are an absolute and unconditional obligation of the city, which we consider a non-ad valorem pledge. However, despite the lack of a specific full-faith-and-credit GO pledge, our rating is equivalent to our view of the city as obligor because our assessment of the city already includes our view of its ability to raise revenue. Redlands' strengthening tax base continues to be supported by a strong housing...

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