The City of Aspen has announced that Standard & Poor’s Rating Services has raised its credit rating from AA to AA+ for the city’s general obligation housing refunding bonds. S&P’s also upgraded Aspen’s issuer credit rating from AA to AA+.
The city attributed strong debt to assessed value ratios, along with its maintaining healthy reserves in its operating funds, as the main factors for the increased credit rating.
“We consider Aspen’s economy strong, with projected per capital effective buying income at 206.3 percent of the U.S., and a per capita market value of $1.6 million in fiscal 2014,” S&P’s report said. “The city’s budgetary performance has been very strong overall, with a surplus of 9.2 percent for the general fund operating result in fiscal 2012 and a surplus of 21.8 percent for the total governmental funds operating result. We anticipate Aspen will likely have volatility in general fund revenue due its tourism-based economy.”
The highest rating for Standard & Poor’s is AAA+.