Fitch upgrades Atascadero’s bond rating
Tax Allocation bonds scored raised from ‘A-‘ to ‘A’
–Fitch Rating, Inc. has raised its credit rating on the Atascadero Community Development Agency (Atascadero Redevelopment Project) 2004 Tax Allocation bonds from “A-” to “A”, and affirms that the outlook is stable.
Fitch evaluated Atascadero’s general creditworthiness taking several factors into consideration, including Atascadero’s materially improved debt service coverage and assessed value cushion. The ratings further reflect the agency’s location within San Luis Obispo County with strong economic and income indicators.
According to the Fitch report, “Management expects continued growth going forward, which appears reasonable given ongoing residential and commercial development.” The report went on to state, “City employment trends have been positive. Unemployment has declined to 3.6-percent in November 2015 from 4.5-percent a year prior and remains below state (5.7-percent) and national (4.3-percent) levels. City wealth and income indicators are above state and national rates.”
“The Fitch Ratings upgrade is terrific news for Atascadero… The City of Atascadero continues to exhibit long-term stability and success through careful planning”, says Mayor Tom O’Malley.
Additional information on the recent Fitch Ratings, Inc. analysis can be found on the city’s website at www.atascadero.org/adminservices.
