S&P Global Ratings raised its long-term rating to 'A-' from 'BBB+' on El Cerrito Public Financing Authority, Calif.'s outstanding sales tax revenue bonds, issued on behalf of El Cerrito. The outlook is positive. The rating action reflects our view of the city's improved underlying creditworthiness (or obligor's creditworthiness, OC), driven by an improvement in its financial position and enhanced financial management policies and practices. Further supporting the rating is our view of the overall positive pledged revenue trend, supporting stable coverage on the lien and demonstrating stability throughout the pandemic. The positive outlook reflects our opinion that we could further raise the rating if our assessment of the city's underlying creditworthiness continues to strengthen as these enhancements are maintained. The
