Press Release

SAN FRANCISCO (S&P Global Ratings) May 16, 2023--S&P Global Ratings raised its long-term rating to 'AAA' from 'AA+' on Alameda, Calif.'s general obligation debt outstanding.

At the same time, S&P Global Ratings raised its long-term rating to 'AA+' from 'AA' on the city's certificates of participation outstanding.

"The raised ratings reflect our view that the city will continue its record of strong-to-very-strong financial performance, which has significantly improved its available fund balances in preparation for possible adverse economic conditions in fiscal 2023, while continuing to lower its debt burden and sustain its strong economic growth," said S&P Global Ratings credit analyst Cenisa Gutierrez.

The outlook is stable.

Alameda is built out in most of its service area but is undergoing a boom in residential and commercial development.