City Receives Highest Highest Credit Rating from Standard & Poor's

During Tuesday night’s City Council meeting, it was announced that the city’s credit rating is AA+, as determined by Standard & Poor’s. 

Other Southern California cities with AA+ ratings include Santa Monica, Beverly Hills, Malibu, and Newport Beach.

According to City Manager James DeStefano, the city needed a credit rating in order to move forward with changing a variable interest rate to a fixed interest rate. 

“This comes as a result of discussions held earlier this year...to consider refinancing of the Diamond Bar Center from its variable rate structure to a fixed rate structure, taking advantage of attractive rates in the marketplace,” DeStefano said. 

He later added, “We believe it will save the city thousands of dollars in the long run.”