City of Paso Robles’ general obligation bond rating upgraded
Upgraded rating benefits Paso Robles residents by reducing borrowing costs for the city, allowing lower interest rates on bonds
– The City of Paso Robles received an upgrade in its General Obligation Bond Rating from Fitch Ratings, moving from ‘AA’ to ‘AA+’ as of Sept. 5. The upgrade reflects Fitch’s confidence in the city’s strong fiscal management, stable outlook, and solid general reserve levels.
In addition to the bond rating, Fitch Ratings also upgraded Paso Robles’ Issuer Default Rating (IDR), which measures the likelihood of default on financial obligations. The improved rating indicates that the city is well-positioned to meet its financial commitments.
The upgraded rating benefits Paso Robles residents by reducing borrowing costs for the city, allowing lower interest rates on bonds. This, in turn, frees up funds for public projects such as infrastructure improvements, parks, and public safety services. The upgrade also strengthens the city’s financial stability, ensuring essential services continue without tax increases.
“A higher rating is a strong vote of confidence in our city’s financial practices,” said Ryan Cornell, administrative services director. “It reflects years of careful planning and our commitment to maintaining a stable fiscal environment.”
For the full Fitch Ratings report, visit www.fitchratings.com.
For more information, contact Ryan Cornell at rcornell@prcity.com.
