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Info Memo - Oakland 2018 Bond Rating and Financing Results

Publish Date: Oct, 26 2018

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Info Memo

The City of Oakland’s (the “City”) credit ratings were affirmed at Aa2/AA, the third highest ratings available, by Moody’s and Standard and Poor’s (“S&P”) and upgraded to AA- from A+ by Fitch. The rating agencies note the City’s robust economy, healthy financial position, and a strong management team. The rating agencies also note the City’s long-term liability burdens remain a concern that the City is working to address. The Oakland Redevelopment Successor Agency’s (the “ORSA”) credit ratings were upgraded 3-notches to AA- from A- reflecting strong assessed valuation growth, improved covenants, and geographic and economic diversity.