Standard & Poor’s has upgraded Vancouver’s credit rating from AA- to AA, the city said Monday.
The upgrade translates to a lower bond rate, which results in savings to the city.
Standard & Poor’s upgraded the rating after reviewing the city’s financial statements, it’s prior and upcoming budget, and the city’s preparation for a general obligation bond sale to finance a new City Hall at 415 W. Sixth St.
The Standard & Poor’s report states: “The raised rating reflects our view that the city has demonstrated a willingness and ability to manage its budget to sustain very strong reserves and balanced operations during a period of intensified revenue pressure.”
The city’s credit rating from Moody’s remains at Aa3, a good rating that indicates the city is a low risk.
