Agency Says City is Maintaining Superior Financial Resilience

SANTA FE, October 17, 2023 – Fitch Ratings, an independent international statistical rating organization designated by the U.S. Securities and Exchange Commission, has affirmed the City of Santa Fe’s issuer default rating and bond ratings at "AA+." This includes $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 as "stable," Fitch said, "The city's 'AA+' 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."

Mayor Alan Webber said, "The AA+ rating by Fitch affirming the City's issuer default rating and bond ratings is welcome news and good news. Our audit is late: No excuse. At the same time, Fitch's rating is telling Santa Feans that our fiscal house is in order and we are sound and secure financially."

Emily K. Oster, Finance Director of the City of Santa Fe, stated, "I am pleased to receive these positive bond ratings and I appreciate the recognition from Fitch of the City's demonstrated spending control. These ratings offer an independent perspective on the City’s financial health and validate that City leadership is taking appropriate measures to maintain financial responsibility."