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S&P affirms Salinas issuer rating but assigns negative outlook, cites sewer fund controls
Summary
Finance Director Selena Andrews reported that S&P affirmed the city’s issuer credit rating at AA‑ and lease revenue bonds at A+, but assigned a negative outlook citing weaker internal controls and volatility in the sanitary sewer enterprise fund and multi‑year forecast risks.
Finance Director Selena Andrews told the Finance Committee on Aug. 12 that S&P Global Ratings completed a periodic review and affirmed the city’s issuer credit rating (ICR) at double‑A minus (AA‑) and affirmed outstanding lease revenue bonds at A+, but revised the outlook to negative.
“S and P conducted a periodic review of the city's outstanding leases, lease revenue bonds and affirmed our ICR at double A minus and outstanding lease revenue bonds at A…
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