Standard & Poor’s Upgrades Rancho Cordova’s Bond Rating to A+

A report issued by financial leader Standard & Poor’s, upgrades the City of Rancho Cordova by two steps to an A+ rating. “This is outstanding news for such a new city, especially in trying economic times,” said Dan Skoglund, Mayor of Rancho Cordova.

“This is a great recognition of the hard and conscientious work of our City Manager, Ted Gaebler, our Finance Director, Donna Silva, and the rest of the staff who works day in and day out to make our city fiscally sound,” the Mayor continued.

“This boost in our bond rating is a tribute to our staff and Council,” said Ted Gaebler, City Manager. “This is a strong and thriving city which is especially significant in light of the downgrading of the State’s credit rating.” Standard and Poor’s downgraded the State of California to an A in February and Fitch just reported a downgrading on the State from A1 to A2. California now has the lowest bond rating in the nation.

“As we go into preparations for our next fiscal year, we must take a hard look at our scope of services and see where we need to make adjustments in order to maintain a balanced budget,” continued Gaebler. That is never easy, but with this boost to our rating, at least everyone can see that the hard work pays off.”

Taken from a press release from the City of Rancho Cordova.