On May 31, Fitch upgraded the rating of the City of Arvada’s sales and use tax refunding and improvement revenue bonds to AAA and assigned the City an implied general obligation bond rating of AAA.
Fitch’s announcement regarding the upgrade states, “The ‘AAA’ implied general obligation bond rating and the upgrade of Arvada’s senior lien sales and use tax revenue bonds and COPs reflects the City’s continued superior financial performance amidst a difficult economic environment, aided by extensive financial planning, conservative budgeting, and strong financial policies.” The Fitch announcement also stated that “strong fiscal management has led to positive financial operations since at least fiscal 1999.”
Arvada’s City Manager Craig Kocian stated, “This upgraded rating at this particular time is a testament to the solid and conservative financial planning practices of the Arvada City Council during good and bad economic times.”
Additional information is available at www.fitchratings.com.
- by City Manager