Elk Grove’s Revenue Bond Rating Raised to 'A+'

National rating agency Standard & Poor’s announced it assigned the City of Elk Grove a stable outlook and raised the bond rating to an ‘A+’ from an ‘A.’

The raised rating is one of the higher ratings issued by the agency and reflects the City’s continued sound financial performance and strong unreserved fund balances despite the economic downturn. The rating is also supported by the City's financial policies and practices.

As bond ratings are an indicator of the quality of a bond issuance, this upgrade in bond rating is expected to result in less expensive cost of borrowing resulting in savings to the taxpayers.

“Despite the worst economic downturn in our City’s history, Elk Grove has remained financially strong and has avoided wasting surplus funds,” Mayor Steven Detrick said. “This rating is a feather in our cap, and demonstrates Elk Grove’s commitment to fiduciary responsibility.”