Pleasanton, Calif. – The City of Pleasanton’s Joint Powers Financing Authority proudly announces the assignment of a ‘AA’ long-term rating by S&P Global Ratings to its series 2024 water revenue bonds. This strong rating reflects the City’s continued commitment to financial stability and responsible governance.
The ‘AA’ rating, accompanied by a positive outlook, underscores S&P’s confidence in Pleasanton’s fiscal practices and long-term economic prospects. Notably, the positive outlook acknowledges the City’s recent initiatives, including the implementation of updated policies and a revised rate structure aimed at bolstering financial resilience. These initiatives reflect the City Council’s commitment to balancing the City’s immediate financial needs with long-term fiscal stewardship.
Commenting on the rating, Pleasanton Mayor Karla Brown stated, “We are honored to receive this prestigious recognition from Standard and Poor’s. This ‘AA’ rating with a positive outlook reaffirms the City’s dedication to responsible financial management and underscores the current strength of our local economy.”
Key highlights contributing to the ‘AA’ rating include:
- Updated Policies: Pleasanton has committed to practices such as regular rate studies and public rate hearings every two years, demonstrating a proactive approach to financial management.
- Revised Rate Structure: The City’s updated rate structure ensures full recovery of fixed wholesale costs, setting the stage for improved coverage and reserves.
- Local Economic Strength: Pleasanton benefits from a diverse and affluent service area, coupled with the presence of major local employers such as Workday, Inc., Kaiser Foundation Hospitals, Roche Molecular Systems, Stanford Healthcare Valleycare, and Oracle America, Inc.
- Water Supply Stability: Despite challenges such as drought and emerging contaminants, Pleasanton maintains a reliable water supply, with 100% of its water currently sourced from the Zone 7 Water Agency.