Burbank Scores S&P’s ‘AAA’ Credit Rating

Burbank has attained the highest possible credit rating from Standard & Poor thanks to low debt and steady tax base growth. The rating agency also cited a strong local economy, the city’s convenient, attractive location in the greater Los Angeles area, and comparatively high unreserved general fund balance for the AAA rating. The new rating will increase the value of the city’s bond issues and allow Burbank to obtain lower interest rates when borrowing money. S&P rates firms and governments based on its analyses of their fiscal positions and financial management practices. “The city is pleased that the strength of Burbank’s finances has been recognized at a time when all cities and businesses are struggling with the consequences of a severe recession,” said City Manager Mike Flad. “Burbank has been more resilient due to the foresight of the current and previous city councils who have built a strong and diversified economic base and adhered to sound financial policies.” Thom Senzee