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City of Long Beach Finances

City of Long Beach Finances
CITY OF LONG BEACH CREDIT RATING

Immediately after the 2012 fiscal year ended on September 30, 2012, the finances of the City of Long Beach were reviewed by the three major bond rating agencies in the United States.  These three companies are:  Standard & Poor, Moody's Investors Services, and Fitch Ratings.

These three companies set the bond credit rating for governments and corporations.  Essentially, they give the entity a grade based on their ability to pay off debt, and the rating is a very good measure of the entity's overall financial health.

To read more on how the credit agencies work, CLICK HERE.

On October 30, 2012, Standard & Poor's report gave Long Beach an "AA-" rating which is still considered a 'high grade' within their scale, and essentiall affirmed their current rating for the city.  To read more on Standard & Poor's review, click on the following articles:

On November 12, 2012, Fitch Ratings released their report and gave Long Beach an overal "AA'" rating wich is also consdidered a 'high grade' within thier overall scale; however, they also downgraded the future fiscal forecast on Long Beach from "stable" to "negative".  Fitch justified this move by explaining that Long Beach had decided in the FY13 budget to use one-time revenue to pay for on-going expenses.  To read more on Fitch's review, click no the following articles:

On November 14, 2012, Moody's reported that The City of Long Beach general obligation bond had maintained an "Aa2" rating.  This came after increasing worry that the City was going to be downgraded; however, the review further affirmed that the City's finances were in stable and healthy condition.

We will post more information as it becomes available.
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