As a testament to Oxnard’s strong financial footing, Standard and Poor’s Global Ratings (S&P) upgraded the City’s Issuer Credit Rating from “A” to “A+” on October 26, 2022. The report also revised its long-term rating on the City’s lease revenue bonds from “A-” to “A”, the City’s Gas Tax Bond from “A+” to “AA-” and assigned a “stable” outlook to all three.
The City has made steady progress improving its ratings in recent years. The new S&P ratings mark Oxnard’s 5th upgrade by S&P in just the last 12 months. As shown in the table below, ratings were also increased by one notch on the wastewater fund earlier this year, and the outlook on the water bonds was moved to “positive” from “stable.”
