After a thorough review of financial performance and financial management practices, both S&P Global and Fitch Ratings affirmed Sterling Heights’ superior AA bond rating.
In support of the rating, S&P Global noted the City’s:
- More than a decade of positive operating performance
- A healthy economy supported by a diverse array of commercial, industrial, and residential properties across 36.4 square miles, amounting to one of the largest tax bases in the state
- Manageable debt costs with most of the outstanding debt supported by dedicated revenue streams
- A strong management team, with sound budgeting practices and integration of long-term operational and capital planning, supporting stable finances
Fitch Ratings also affirmed the City’s AA rating, praising the City’s ‘aaa’ financial resilience and commitment to maintaining strong financial reserves.
“This strong bond rating will lower the City’s financing costs required to implement the quality-of-life improvements approved by the voters through the Pathways to Play and Preservation initiative,” said Finance & Budget Director Jennifer Varney. “Continued strong financial management practices result in Sterling Heights taxpayers receiving the best value for their tax dollars at a City tax rate that remains one of the lowest of any city in Macomb County.”