...S&P Global Ratings raised its long-term and underlying rating (SPUR) to '##+' from '##' on Pacifica, Calif.'s existing taxable pension obligation bonds (POBs). At the same time, S&P Global Ratings raised its long-term rating and SPUR to '##' from '##-' on the city's existing certificates of participation (COPs). Finally, S&P Global Ratings assigned its '##+' long-term rating to the city's series 2019 taxable pension obligation refunding bonds. The outlook on all ratings is stable. The rating action reflects our view of the city's improved financial position with very strong available general fund reserves reported in each of the past three fiscal years. The city has also adopted several new financial policies and practices that include a new formal general fund reserve policy, a formal debt management policy, and a practice of maintaining a 10-year general fund forecast. The local economy remains very strong with continued growth in the citywide tax base, which has resulted in growth among...
