Standard & Poor’s Upgrades Aspen’s Credit Rating to AA+

 




Press Release

 

Standard & Poor’s Upgrades Aspen’s Credit Rating to AA+

 

Contact:  Don Taylor, City of Aspen, Finance Director, 970-920-5027 or don.taylor@cityofaspen.com

 

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 AA+.

 

An organization’s 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 tourism-based economy.”

 

The report was issued on April 16, 2014. 

 

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Posted on Wednesday, April 23, 2014