For Immediate Release

City of Surprise Revenue Bond Rating Raised to ‘AA+’

Surprise, AZ (November 14, 2019) Standard & Poor’s (S&P) Global Ratings raised its long-term rating to 'AA+' from 'AA' on Surprise, Ariz.'s series 2015 pledged revenue and revenue refunding obligations. The outlook is stable.

The raised rating action reflects the application of S&P’s "Priority-Lien Tax Revenue Debt" criteria, which factors in both the strength and stability of the pledged revenue, as well as the general credit quality of the obligor.

S&P stated the rating reflects the following positive attributes of Surprise:

• City's general creditworthiness reflects its strong overall financial position
• Strong budgetary flexibility and liquidity
• Strong debt and contingent liability position
• Strong financial management, with good financial policies and practices

At fiscal year-end 2019, the city had approximately $25.3 million in series 2015 pledged revenue and revenue refunding obligations outstanding.

View the full S&P report here.