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On March 16, 2017, Fitch Ratings affirmed ‘AAA’ ratings for the City of Menlo Park’s issuer default rating and $10.1 million general obligation bonds, series 2009A and 2009B. ‘AAA’ is Fitch’s highest rating when evaluating creditworthiness of long-term debt issuances.
In their affirmation, Fitch concluded that “The rating reflects the City’s strong operating performance, which is supported by a history of strong revenue growth and solid expenditure flexibility, and low long-term liabilities.”
Additionally, Fitch noted “Solid reserve levels contribute to strong gap-closing ability relative to revenue declines anticipated in a moderate recession. Financial flexibility is further supported by ongoing funding of capital needs from current resources.”
Fitch reviewed the June 30, 2016 Comprehensive Annual Financial Report and interviewed Administrative Services Director Nick Pegueros to arrive at their affirmation.