Standard & Poor’s Upgrades Aspen’s Credit Rating to
Taylor, City of Aspen, Finance Director, 970-920-5027 or
Aspen, Colorado – April 23, 2014– The City of Aspen is pleased to announceStandard
& Poor’s Rating Services has raised its credit rating from AA to AA+ for
the City’s general obligation housing
refunding bonds as well as upgraded Aspen’s issuer credit rating from AA to
credit rating is an indication of the financial health of the entity. The highest rating for Standard & Poor’s
is AAA+. This is the second rating
increase the City has received in recent years.
Strong debt to assessed value ratios are one of the reasons the City’s
credit rating continues to improve. The
City also maintains healthy reserves in its operating funds to insulate itself
from economic downturns.
Standard & Poor’s report stated, “We
consider Aspen’s economy strong, with projected per capital effective buying
income at 206.3% of the U.S., and a per capita market value of $1.6 million in
fiscal 2014,” and The city's budgetary performance has been very strong overall, with a
surplus of 9.2% for the general fund operating result in fiscal 2012 and a
surplus of 21.8% for the total governmental funds operating result. We
anticipate Aspen will likely have volatility in general fund revenue due its
report was issued on April 16, 2014.