El Cerrito, CA Certificates of Participation Rating Raised To 'BBB' From 'BBB-', Outlook Is Positive

ENGLEWOOD (S&P Global Ratings) Sept. 29, 2023--S&P Global Ratings raised its underlying rating (SPUR) to 'BBB' from 'BBB-' on El Cerrito, Calif.'s outstanding certificates of participation (COPs). The outlook is positive. "The raised rating action our view of the city's improved financial position and internal controls, resolution of the 'going concern' opinions by the auditors and restored structural balance," said S&P Global Ratings credit analyst Alyssa Farrell. "The positive outlook reflects our opinion that we could raise the rating further if the trend of structural balance and at least adequate reserves is sustainable beyond short-term budgetary relief and if its recently enhanced financial management policies and practices are maintained," Ms. Farrell added. The outstanding COPs are secured by lease rental

...September 29, 2023 ENGLEWOOD (S&P Global Ratings) Sept. 29, 2023--S&P Global Ratings raised its underlying rating (SPUR) to '###' from '###-' on El Cerrito, Calif.'s outstanding certificates of participation (COPs). The outlook is positive. "The raised rating action our view of the city's improved financial position and internal controls, resolution of the 'going concern' opinions by the auditors and restored structural balance," said S&P Global Ratings credit analyst Alyssa Farrell. "The positive outlook reflects our opinion that we could raise the rating further if the trend of structural balance and at least adequate reserves is sustainable beyond short-term budgetary relief and if its recently enhanced financial management policies and practices are maintained," Ms. Farrell added. The outstanding COPs are secured by lease rental payments made by the city of El Cerrito, as lessee, to the El Cerrito Public Financing Authority, as lessor. We rate this obligation one notch lower than the...

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