S&P Global Ratings affirms City’s historic AA bond rating
SALEM – S&P Global Ratings, a municipal bond credit rating agency, has affirmed the City of Salem’s long-term rating of ‘AA’. The rating agency positively cited the city’s proactive management of elevated coastal environmental risks, and the city’s active sustainability, energy and resiliency work in risk-mitigation planning. A rating of ‘AA’ indicates a very strong capacity to meet financial commitments.
In their report, S&P stated: “We assessed the city’s social and governance factors relative to its economy, management, financial measures and debt profile, and view them as neutral in our credit analysis. The stable outlook reflects our view of Salem’s strong management policies and practices, which we believe will continue to support steady budgetary performance and maintain budgetary flexibility to absorb expenditure growth.”
“We have an incredibly strong local economy in Salem, healthy levels of new growth, and solid fiscal policies and practices that have resulted in this affirmation by S&P Global Ratings of our historic bond rating,” said Mayor Dominick Pangallo, “I am so proud that S&P has again recognized the City of Salem’s strong financial management environment with a focus on long-term financial and capital planning, which ultimately supports stable finances for our city. I am grateful to our city treasury and finance departments for leading our process with the agency, and for all they do to keep our city finances and budget consistently well-performing.”
S&P Global Ratings is a leading provider of Credit Ratings. The world’s financial markets depend on S&P Global Ratings for the accessible insights and valued perspectives they provide that drive clarity and growth in the market. For more information, visit https://www.spglobal.com/ratings/en/.
