BRENTWOOD, CA – The city is proud to announce that Standard and Poor’s Ratings Service has increased the city’s bond issuer credit rating from “AA” to “AA+.”
The upgrade does not have a fiscal impact to the city in regards to the current interest rates being paid by
the city or the repayment terms of outstanding bonds; however, this will improve the city’s already strong position in the bond market and will provide the city access to more competitive interest rates in the future. As a result of this action, the rating on the city’s 2009 Civic Center Bonds was also raised, increasing from “AA-” to “AA.” Standard and Poor’s released the following statement concerning their decision to upgrade the city’s rating:
Standard & Poor’s Ratings Services raised its long-term rating to ‘AA+’ from ‘AA’ on Brentwood, Calif.’s issuer credit rating (ICR). At the same time, Standard & Poor’s raised its long-term rating and underlying rating (SPUR) to
‘AA’ from ‘AA-‘ on Brentwood Infrastructure Financing Authority, Calif.’s existing lease revenue bonds issued on behalf of the city. The outlook is stable.
“The raised rating reflects our view of the city’s rebounding local economy, as well as its very strong management practices and budgetary flexibility,” said Standard & Poor’s credit analyst Jaime Trejo. “Further supporting the rating is our view of the city’s very strong budgetary flexibility and liquidity,” Mr. Trejo added.
Brentwood is located in Contra Costa County, approximately 45 miles northeast of San Francisco, and encompasses about 15 square miles. Historically agriculturally oriented, the city has transformed into a residential, suburban community with pockets of older farming and retail districts and expanding residential neighborhoods. The city participate
