Oceanside CA— The Oceanside City Council is pleased to announce the City has received an issuer credit rating from Standard and Poor’s Rating Services of “AA+,” the second highest rating available. The City applied for the rating as part of its long-term debt refunding program currently underway.
Standard and Poor’s analysis of the City of Oceanside determined the factors for the favorable rating were a strong economy, strong management with good financial policies and practices, combined with very strong budgetary flexibility, liquidity , debt and contingent liability position, with adequate budgetary performance. Standard and Poor’s outlook for the City is stable, citing “the City’s positive economic momentum and projections of positive general fund performance.”
The issuer credit rating is the inaugural rating for the City of Oceanside, having only applied for credit ratings on individual bond issues in the past. The receipt of the “AA+” rating is expected to lower future borrowing costs for the City, and validates the effectiveness of the City Council’s conservative financial policies adopted, and still in effect since the Great Recession of 2009.