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Pismo Beach Receives Highest Bond Rating Possible from Standard & Poor’s as a Reflection of its Strong Management and Financial Position and Results in Very Low Interest Rate
As part of the recent lease-revenue financing of the Pismo Beach Rehabilitation Project, The City of Pismo Beach has received a “AA+” credit rating by Standard & Poor’s, the highest possible rating that can be given for this type of financing. S&P’s vote of confidence is based on the City’s strong economy, strong management, and excellent financial position. The rating resulted in a very low total borrowing cost of 3.53% on $7.68 million. The rating and low rate is a testament to the City’s solid finances and top-notch financial policies set by the Pismo Beach City Council and staff. The high rating and low interest rate translate into lower borrowing costs and debt service for the City.
The bonds are being used to finance the City’s...