leading provider of transparent and independent credit ratings worldwide, upgraded the City’s Issuer Credit Rating from “A+” to “AA-” and the underlying City’s General Fund Lease from “A” to “A+.” S&P also raised the City’s Gas Tax Bond from “AA-” to “AA.”
“I’m pleased that S&P has once again recognized the City’s financial progress with these rating upgrades,” said Mayor Luis Mc Arthur. “This shows our ongoing commitment towards securing long-term financial stability and a stronger future for Oxnard.”
S&P credit analyst Krystal Tena stated, “The upgrade reflects the city’s improved financial position characterized by a trend of stable financial performance and improved reserve position, underpinned by strong financial management practices that we view as well embedded.”