Sunnyvale Maintains Aaa Credit Rating
Sunnyvale has great credit rating stillPosted on February 11, 2013 by Nikki.
Moody's Investors Services recently granted the city of Sunnyvale a fantastic credit rating of Aaa. Sunnyvale is one of only eight California cities to be granted Moody’s highest credit rating. Other notable cities include Beverly Hills, Newport Beach, and Palo Alto. Moody’s decided to evaluate more than 30 California cities due to the state’s struggling financial crisis. However, the city of Sunnyvale passed with outstanding grades due to “strong fiscal operations featuring healthy reserves” and “sound prospects for continued near-term economic growth,” as reported by Moody’s. Moody’s report also said that Sunnyvale “continues to be a desirable commercial area of Silicon Valley.”
Metrics examined for a credit rating include general fund balance relative to revenues, unassigned general fund balance as a percentage of revenues, and direct net debt as a percentage of full assessed value. In 2011, Sunnyvale was at 81%, 36%, and 0.10%. Other Aaa cities of comparable size had averages of 25%, 17%, and 1.03%. In all, Sunnyvale has more than $88M in reserves, more than 70% of its revenues. Furthermore, the unemployment rate in Sunnyvale is only 7.8%, lower than state and national averages. Clearly, Sunnyvale not only has a top rating, but it isn’t even close to losing that for a long time.
If you are already a resident of Sunnyvale, take pride in knowing that your city is so financially sound. If not, please consider joining this great community. If you would like more information on Sunnyvale properties or real estate in general, please contact Sunnyvale specialist, Nikki Langendorf, at 1-408-896-4221 or email@example.com.