By Jen LeBron Kuhney | The Republic | azcentral.com
Surprise’s bond ratings rose from A+ to AA- after Fitch Ratings announced the city has a lower risk profile and stronger financial management.
The credit agency’s announcement is another sign that Surprise, once hobbled by a crisis that blew a $16 million hole in its 2013 fiscal year budget, is making a financial comeback. Audits revealed errors that forced the city to depleted its $13 million rainy day fund and slash 34 jobs to make up the difference.
Two years ago, Fitch, one of the three major U.S. credit rating agencies, downgraded Surprise’s bonds from A+ to AA-.
Now, Fitch said, the city’s rating outlook is stable. Last June, a similar agency, Standard and Poor’s Ratings Services, revised the city’s credit outlook to “stable.”
