Standard and Poor's reaffirmed the city's bond rating Monday, July 16, at AA, the second-highest rating available.
A rating of AA reflects a very strong ability to meet its financial obligations and commitments; these debtors differ a slight bit from the highest S&P ratings, according to Standard and Poor's website.
The global rating agency cited the city's economy, good financial policies and practices, slight budget surpluses in the general and other funds, budget flexibility and strong liquidity as rationale for the rating.
Over the last 22 years, the city's bond rating has improved five steps, and has been stable at AA since 2009, after a two-step improvement in 2008.
The steady bond rating means the city will pay 3.65 percent to repay $1.4 million in borrowing approved Tuesday, July 17, by the City Council.
