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Palmdale’s credit rating increase pays off

by The AV Times Staff • March 22, 2017

PALMDALE – The city of Palmdale’s recent credit rating increase from A+ to Aa-/stable by Standard & Poor’s Ratings Services, one of the world’s leading providers of independent credit risk research and benchmarks, has already paid dividends.

When the Palmdale City Council voted at its March meeting to unanimously authorize the issuance and sale of lease revenue bonds to refund and refinance outstanding debt, the expected debt service savings was $2.3 million dollars.

The actual savings in Tuesday’s bond sale was $2.8 million, an extra half-million dollars more than originally anticipated a few weeks ago.

“According to our broker, Palmdale’s name is very strong in the bond market due to our increased credit rating and S&P’s very positive review of our fiscal management,” stated Palmdale’s City Manager Jim Purtee. “Our bonds were in high demand—5 to 6 times more requested than we had available—allowing our broker to negotiate greater savings for us.”

“This is more great fiscal news for the city and our residents,” stated Palmdale Mayor Jim Ledford. “Fiscal stewardship is something we take great pride in as an organization. Congratulations to our City Manager and Finance team for working so diligently to keep our City financially strong.”

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

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Filed Under: Business, Palmdale

14 comments for "Palmdale’s credit rating increase pays off"

  1. Big Lou says

    March 24, 2017 at 6:19 pm

    It seems every since our present regime prevailed, that’s when Lancaster tanked. I was on the BLVD last night, and at 8pm it was a near ghost town. All that freakin money spent on The BLVD and for what?

    • Tim Scott says

      March 24, 2017 at 7:25 pm

      The developer lined his pockets, and no doubt Wrecks took a cut of that.

      That was the purpose of the project, and no doubt in that regard it was a huge success.

    • Ty says

      April 17, 2017 at 1:02 pm

      Don’t you fret. Rex and his developer friends made their money. The panhandlers have a nice place to beg and they put up nice shiny lights at Christmas. The Lancaster power elite and their new Palmdale recruits get the perks and we get the shaft.

  2. Dee says

    March 24, 2017 at 4:30 pm

    What’s the problem with the Lancaster council??

    • Ray says

      April 17, 2017 at 1:03 pm

      Where do you start? Now they’ve infected Palmdale’s council.

    • Tim Scott says

      April 17, 2017 at 2:23 pm

      The problem with the Lancaster City Council is that every one on it serves at the pleasure of the mayor. They got elected using his money to finance their campaign, and they know if they cross him then he will fund someone else into their place at the next election. So they will rubber stamp anything that pops out of his crack pot mind, along with anything that he does to pay back the donors that put them all in office.

      • Vic says

        April 18, 2017 at 9:58 am

        Now he’s infected Palmdale.

  3. Vic says

    March 24, 2017 at 9:36 am

    Palmdale gets good credit ratings, good bond ratings, and all the new stores.

    In Lancaster we get the Eye in the Sky, black road paint, a defunct Ecolution, failed bird sounds on the BLVD, and Chinese birth tourism.

    What did we do to deserve this?

    • William says

      March 24, 2017 at 4:40 pm

      Not to mention so many old, tired and half empty shopping centers where the anchor store/supermarket is gone.

      It will probably take 30 years or more to fill and rehab them. They are all over Lancaster. Do ya think Mrs. rex shops at any ot them?

  4. Tim Scott says

    March 22, 2017 at 11:01 pm

    Amazing the difference ten miles can make. Isn’t Lancaster still in junk bond status?

    • William says

      March 23, 2017 at 12:12 am

      Hey. Tim Scott.

      Don’t insult junk bond status by comparing it to Lancaster.

      I think Palmdale’s credit rating went up again recently. I don’t recall the details but it was great news.

      The only thing that will save Lancaster is people who haven’t been voting to get out and vote the buns out of office. That would be rex and every current council member for starters.

      • Palmdalian says

        March 23, 2017 at 10:27 am

        Let’s hope Rex’s people don’t take over Palmdale and turn it into Lancaster 2.0. Why anyone would want to emulate that mess on Fern Street is beyond comprehension.

        • Tim Scott says

          March 23, 2017 at 11:37 am

          Let’s do more than hope…let’s vote!

          • I Vote says

            March 23, 2017 at 12:13 pm

            Follow the money when you vote. Lancaster pumps a lot of money into Palmdale elections and it is not for the benefit of Palmdale residents.

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