The City of Peoria continues to be recognized as one of the most fiscally sound cities in the Valley, thanks to a recent upgrade to the city’s bond rating by Fitch Ratings. The agency recently announced that the city has been assigned their highest “AAA” rating to Peoria’s general obligation bonds.
Peoria’s exceptional securities and protections have resulted in reconsideration from the agency based on new legislation, signed into law by the Governor.
“Peoria is known for strong and sensible policies and practices,” said Mayor Cathy Carlat. “We work very hard to assure a thoughtful and balanced approach to long term planning that adheres to the Council approved Principles of Sound Financial Management, all for the benefit of Peoria residents.”
Peoria residents benefit from a strong bond rating, as it allows the city to save interest costs when building important infrastructure such as streets, bridges, parks, and public safety facilities.
“This is a great report card for our city,” said City Manager Jeff Tyne. “It’s a reflection of our city’s great financial stability and serves as a signal to investors and potential economic partners that Peoria is an ideal place to do business.”