Fitch Ratings has reaffirmed the City of Newport Beach’s AAA credit rating, reflecting the City’s strong financial position, prudent fiscal management and robust local economy.
The AAA rating is the top level of creditworthiness issued by Fitch and demonstrates the highest degree of confidence in the City’s ability to meet its financial obligations.
Fitch Ratings’ report cited the City’s recent history of budget surpluses and a “very solid level of budget management,” along with relatively low long-term debt and a strong, stable tax base.
The AAA rating underscores the City’s solid financial standing and budgeting approach. Newport Beach is committed to responsible financial management and will continue to implement sound policies to maintain its strong credit rating, City officials said.
Fitch’s credit rating was released in connection with Newport Beach’s outstanding Certificates of Participation (COPs), issued in 2010 and 2020 to finance the construction of the Civic Center project and Fire Station No. 2. The rating assigned to the COPs is AA+, which is the highest rating for this type of financing.
Fitch Ratings is a leading provider of independent credit ratings, commentary, and research. The agency provides credit opinions, financial data, and other information to investors and market participants.
Source: Newport Beach Independent