The city of Santa Fe received AA+ and AA ratings for a $13.5 million subordinate lien gross receipts tax bond that is being sold this week to re-fund outstanding debt at lower interest rates, the city reported.
Fitch Ratings assigned an AA+ and S&P Global Ratings assigned an AA rating to the 2021 series bond, the city reported in a news release.
"The city's strong budget management was demonstrated by its efforts to maintain sustainability in anticipation of pandemic-induced revenue pressures via significant restructuring of its operations," Fitch wrote.
“Santa Fe's good management practices support stable financial reserves and balanced operations,” S&P wrote. Fitch also affirmed its AA+ ratings for the city’s $21.7 million general obligation bonds, $56.7 million senior lien GRT revenue bonds and an earlier series of $31.4 million subordinate lien GRT bonds. S&P affirmed its AA ratings for the same bonds.