By Your Valley
Two bond rating firms have assigned a near-perfect rating for the city of Apache Junction as it enters the municipal finance world for the first time in its 44-year history.
The excellent rating translates to millions of dollars in savings to the city’s residents, according to a release.
“This is just like someone getting a very high credit score when they are about to go out and buy their first home,” Apache Junction City Manager Bryant Powell said in the release. “We are entering the next chapter in city finances and we couldn’t have gotten off to a better start.”
The Fitch Ratings and Standard and Poor’s rating system both judged the city’s finances sound and ability to pay off bonds as excellent, assigning an “AA” rating to the city in its first such evaluation ever. Both services called the city’s outlook “stable.”
The top rating for municipalities under both systems is “AAA.”
