NE Valley Times

Scottsdale's financial stewardship received top marks as Moody’s Rating Agency upgraded the city’s Excise Tax Revenue Bonds on Aug. 29, from Aa1 to Aaa – the highest possible rating.

This upgrade reflects confidence in the city’s financial health, signaling to residents that Scottsdale meets the rating agency’s stringent criteria for demonstrating the strongest creditworthiness. The city’s General Obligation Bonds are already rated Aaa by Moody’s.

Moody’s initiated their review of the city’s Excise Tax Revenue Bonds in July, as part of their updated methodology for evaluating U.S. cities and counties. The city currently holds $351 million in outstanding Excise Tax Revenue Bonds, and this upgrade highlights the stability of the city’s revenue streams and its commitment to fiscal responsibility.

In addition to Moody’s upgrade, on Sept. 6, Fitch Ratings affirmed Scottsdale’s AA+ rating on its Issuer Default Rating (IDR) and the Municipal Property Corporation's (MPC) excise tax revenue bonds, with the Rating Outlook on both upgraded to Positive from Stable. Fitch also initiated their review as part of an update to their local government rating criteria. A revision of the Rating Outlook to Positive indicates an upward trend on the rating scale for the city.

The city also holds a AAA rating from S&P Global Ratings on all its outstanding bonds and obligations.

“We are very pleased to receive these upgrades from Moody’s and Fitch. The upgrades by the rating agencies reflect the city’s overall financial health, and Scottsdale’s commitment to maintaining strong fiscal management and financial excellence,” said Scottsdale City Treasurer and Chief Financial Officer Sonia Andrews.