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On September 6, 2019, Moody’s and Fitch Ratings both affirmed ‘AAA’ ratings for the City of Menlo Park’s issuer default rating and $8.1 million general obligation bonds, series 2009A and 2009B. ‘AAA’ is their highest rating when evaluating creditworthiness of long-term debt issuances.
In their affirmation, Fitch Ratings 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, Moody’s noted “The city’s unusually strong financial profile is supported by conservative management practices and strong fiscal policies.”
Fitch Ratings and Moody’s are leading providers of credit ratings, commentary and research. The result of their reviews underscore the City’s strong financial position and sound financial management and oversight. Reviews of the City’s debt by the major ratings agencies occur on a regular basis, and the independent nature of the review provides a good confirmation from an outside source about the City’s overall fiscal health.