S&P, Moody's Affirm Phoenix' Strong Credit Rating; Give Stable OutlookS&P, Moody's Affirm Phoenix' Strong Credit Rating; Give Stable Outlook<div class="ExternalClassC0FB84E090C242FCA2FE0887386B2E83"><p>Standard & Poor’s and Moody’s today affirmed the city’s strong credit rating at AA+ (S&P) and Aa1 (Moody’s), with a stable outlook.  Phoenix’s credit rating remains the highest of the six largest U.S. cities. </p><p>“It's encouraging the credit rating agencies recognize the steps we're taking in Phoenix to practice sound financial management,” said Mayor Greg Stanton.  “Today's report confirms what we already know: that the best way to improve our credit rating is to strengthen our economy.  That's why it is so important that we continue to invest in building the innovation-based, export-focused economy we need for long-term, sustainable growth.”</p><p>In its report, S&P sited Phoenix’s “very strong budget flexibility and fund balances, reflecting conservative management practices and prudent planning; very strong liquidity; Phoenix’s broad and diverse economy; and very strong management conditions, including proactive budget-cutting efforts in response to budget gaps to maintain very strong fund balances.”  Moody’s noted Phoenix’s “solid fiscal position bolstered by strong fiscal management, and a large economy that is gradually improving based on historically strong population growth, affordable cost of living, and low business costs.”  </p><p>“These economic times over the last few years have been the most challenging times that I’ve experienced in my long history with the City of Phoenix.  But this confirmation of our strong credit rating from S&P and Moody’s confirms what we’ve been experiencing - - Phoenix’s finances are strong and our economy is back on the road to recovery,” said Councilwoman Thelda Williams, senior member of the City Council.</p><p>Councilman Bill Gates, chairman of the City Council Finance, Efficiency, Economy and Sustainability Subcommittee, added that “this reaffirmation of our AA+ credit rating is good news during these challenging budget times, providing a solid foundation for the coming year as we continue our innovations and efficiencies and continue to make decisions that grow our economy.”</p><p>“With the leadership of the Mayor and City Council, employees and the community, Phoenix worked together to solve a $37 million deficit and reduce it to zero for 2014-15.  This positive news about our credit rating confirms that our finances are strong, our economy is improving and we are headed in a positive direction,” said City Manager Ed Zuercher.</p><p><a href="/Documents/stanardpoorereport.pdf">Review the S&P Report</a></p><p><a href="/Documents/moodysreport.pdf">Review the Moody's Report</a></p></div>5/22/2014 10:00:00 PMToni Maccarone602-262-7177