Agoura Hills Recognized for Strong Financial Management by S&P

The City of Agoura Hills announced that Standard & Poor's Ratings Services (S&P) recently upgraded the city’s management rating from good to strong, in addition to its outstanding credit score of AA+.

"This rating validates that the City Council is focused on long-range fiscal responsibility. The adoption of the two-year budget and debt management policies demonstrates the council’s commitment to protecting the City financially," said Agoura Hills City Manager Greg Ramirez. While the City Council can only legally appropriate funds for the first fiscal year, the recently adopted two-year budget assists with long-range planning that establishes guidelines for future years and realistic timeframes for achieving objectives.

S&P’s credit summary on Agoura Hills stated, “We view the city's management as very strong, and have revised our assessment of the city's financial management policies and practices to strong from good, indicating financial practices are strong, well embedded, and likely sustainable. Specifically, the revision reflects our view of the city's robust long-term financial plan and debt management policy.”

The strong credit and management ratings allows the city to save residents money, such as refinancing the bonds issued on City Hall. “The city anticipates refinancing the bond at a lower interest rate, which saves the tax payers in excess of $1 million over the life of the bonds,” said City of Agoura Hills Financial Director Christy Pinuelas.

Agoura Hills has maintained an AA+ rating through the economically challenging times facing many cities. S&P’s high rating indicates how city staff and council demonstrate an ability and willingness to meet its financial obligations in full and on time. S&P cited that the city’s strong economy and management and fiscal performance demonstrates good financial practices. “The stable outlook also reflects our opinion of the city's very strong budgetary flexibility and liquidity, as well as its strong financial performance. In our view, the city's strong management provides additional stability to the rating," cited the report. For more information regarding the city of Agoura Hills’s S&P rating, contact Christy Pinuelas at (818) 597-7319 or cpinuelas@ci.agoura-hills.ca.us .