Salisbury government retains coveted AA bond rating

Posted 9/1/21

The leading index provider and credit rating agency Standard and Poor’s Global Ratings has once again assigned Salisbury its “AA” rating, with a stable outlook for the city’s …

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Salisbury government retains coveted AA bond rating

Posted

The leading index provider and credit rating agency Standard and Poor’s Global Ratings has once again assigned Salisbury its “AA” rating, with a stable outlook for the city’s economic fortunes.

AA -- or Double A -- is the second-highest rating category attainable by a public borrower, denoting a very high degree of creditworthiness.

In its Ratings Direct Summary, S&P analysts cited strong management, a stable property tax base, balanced budget operations, budgetary flexibility and historically strong financial results.

The credit-raters also cited strong reserves as leading factors in their decision.

Strong management was also credited with insulating the city from the short-term effects of the Covid-19 pandemic.

“Our credit rating is one of the most important indicators of our financial health and stability,” said Finance Director Keith Cordrey. “Salisbury’s AA rating reflects our strong economy, our diverse and growing tax base, and it signifies to lenders and investors that we are fiscally responsible, and that we honor our commitments.”

Mayor Jake Day praised Cordrey and the Finance Department for its continued successes. “Salisbury’s financial position has never been better, and much of the credit for that goes to Keith and his team,” Day said. “Their commitment to excellence in everything they do has brought us 4 straight years of perfect audits, 4 straight GFOA Award-winning budgets, healthy reserve balances, and our continued AA bond rating. I’m happy to congratulate Keith Cordrey and the Finance Department on yet another achievement.”