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Palmdale’s upcoming bond issue receives “A+” from Standard & Poor’s

by The AV Times Staff • March 30, 2016

Palmdale standard and poorPALMDALE – Standard & Poor’s Ratings Services, one of the world’s leading providers of independent credit risk research and benchmarks, has published their rating of the city of Palmdale’s upcoming $38 million bond refunding issue Series 2016A with an assigned A+ rating.

The bonds are part of the city’s effort to restructure debt after the dissolution of redevelopment agencies in California and creation of the Successor Agency to the Palmdale Redevelopment Agency.  Due to lower bond interest rates, the new bond issue is expected to save $6.9 million in debt service costs over its term.

In addition, Standard & Poor’s also upgraded the city’s Series 2002 and 2004 bonds (housing and senior bonds) from A to A+ and the subordinate outstanding bonds from A- to A.

“The city of Palmdale continues to take a responsible approach in managing the city’s finances,” said Palmdale Mayor Jim Ledford. “Having solid bond ratings gives us a great story to tell new businesses, manufacturers, retailers and investors who are looking for the right place to grow.”

“This improved rating is due in large part to the outstanding direction and commitment to fiscal strength by our mayor and council, and the excellent work of our finance staff,” said City Manager James Purtee. “We will continue to practice sound fiscal management policies as we work on building a strong future for Palmdale.”

For more information, visit Standard and Poor’s online at http://www.standardandpoors.com/en_US/web/guest/ratings/ratings-actions.

[Information via news release from the city of Palmdale.]

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Filed Under: Palmdale

12 comments for "Palmdale’s upcoming bond issue receives “A+” from Standard & Poor’s"

  1. Wake Up Call says

    March 31, 2016 at 3:48 pm

    Lancaster Baptist Church is actively recruiting in east Palmdale.

    They will no doubt pretend that they are “just doing God’s work,” but what they are doing is the work of their pastor. This man has proven that he is more interested in political influence than saving souls. Political influence has, admittedly, been very useful to him. LBC went from a raggedy corner on Lancaster Boulevard to their glitzy cathedral digs on the wings of redevelopment funds fed through the disastrous BLVD fiasco by their pet mayor, not the wings of angels.

    Now, this pastor and his pet mayor (or is he the mayor’s pet pastor?) have taken aim at the eastern district in the newly districted city council elections in Palmdale. Citizens of east Palmdale…it is CRITICAL that we organize to reject these carpetbaggers!

    • East Lancaster Resident says

      April 4, 2016 at 12:03 pm

      Too bad they don’t focus on East Lancaster which is a mess. Why anyone would vote for this mayor and his rubber stamp council is beyond me.

  2. Mike says

    March 31, 2016 at 10:10 am

    Good job Palmdale City government!

  3. RIP says

    March 30, 2016 at 9:32 pm

    RIP Lancaster. You were once great. You embraced Rex and he ruined you.

    • Tim Scott says

      March 31, 2016 at 9:00 pm

      To be honest I don’t recall Lancaster EVER having really good city government. Rex is clearly the bottom of their long search in the barrel though.

      • Anon says

        April 3, 2016 at 2:41 pm

        Rex has driven the Lancaster train off the rails.

      • Vin says

        April 3, 2016 at 5:42 pm

        Very true. He has ruined this city. He is known as the “crazy mayor” down below. Ever wonder why all the new businesses open in Palmdake and not here?

        • Vin says

          April 3, 2016 at 5:43 pm

          *Palmdale

  4. He Must Go says

    March 30, 2016 at 3:20 pm

    Meanwhile in Lancaster, junk bonds remain the legacy of Mayor Parris. Along with a rising crime rate, panhandling out of control on the BLVD, money squandered on LEAPS, costly lawsuits, the continued deterioration of East Lancaster, and destructions of our deserts with poorly located solar farms.

    Had enough?

    He must go.

    • Nikolas says

      March 31, 2016 at 9:47 am

      Citizens have their chance to vote him out coming up. We’ll see what they do.

      As far as “poorly located solar farms”. Which ones are you referring to?

      The latest installations along Ave M and Ave L appear to be located quite well IMO…

      • He Must Go says

        March 31, 2016 at 10:07 am

        The LBC crowd will give him a lot of votes.

        Pretty much all the solar on the West Side is poorly located. It exposes residents to dust, dirt, and Valley Fever. It also destroys the beautiful poppy fields. A far better location would towards the North East Valley away from residential areas and poppy fields.

        Yet, despite junk bonds, destructive solar fields, rising crime, panhandling, wasted money on LEAPS, costly lawsuits, the continued deterioration of East Lancaster, the uneducated and uniformed will do what they are told and vote for him.

        Happy with that?

        He must go.

      • He Must Go says

        March 31, 2016 at 3:04 pm

        Meanwhile in Lancaster, Mayor Parris and the Council waste more time, energy on money by “protecting” residents by banning the burial of terrorists within city limits. The proliferation of crimes committed by dead terrorists has reached epidemic levels, but the foresight and leadership shown by them will keep us safe from dead terrorists for decades to come.

        Yet, our crime is going up.

        He must go.

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