Agency Says City is Well Positioned to Maintain Financial Resilience Through Current Recovery Period, Future Economic Cycles

Fitch Ratings, an independent rating agency, has affirmed the City of Santa Fe’s bond ratings at "AA+." This includes the Issuer Default Rating (IDR), $16.6 million in general obligation (GO) bonds, $38.8 million in senior lien gross receipts tax (GRT) revenue bonds, and $55.1 million in subordinate lien GRT revenue bonds. 

Characterizing the city's rating outlook at "stable," Fitch said, "The city's IDR and GO bond ratings reflect ample revenue flexibility, demonstrated spending control, a moderate long-term liability burden and the maintenance of superior financial resilience."

In its analysis of operating performance, Fitch said, "The city’s strong financial resilience is derived from its large reserves and superior inherent budget flexibility, enabled by ample revenue control and solid expenditure flexibility."

City Manager John Blair says: "The AA+ rating by Fitch is a meaningful indication that the City’s finances are stable, secure, and that City financial leadership has taken appropriate measures to ensure financial resilience. This rating reinforces the City’s continuing commitment to sound financial management."

Emily K. Oster, Finance Director of the City of Santa Fe, says: "We are pleased to receive these positive bond ratings and recognition from Fitch of the City's superior financial resilience. These ratings are a testament to our city's strong financial health and build on Mayor Webber’s commitment to financial responsibility."