Standard & Poor’s Rating Service has upgraded Denver’s general-obligation rating, a move that will lower the city’s cost of borrowing, Denver Mayor John Hickenlooper’s office announced Tuesday.
In a news release, the mayor’s office said Standard & Poor’s upgraded Denver to AAA from AA+ with a stable outlook.
In its report, the credit-rating service cited Denver’s role as the economic center for the Colorado Front Range — with a diverse economy and reliant per-capita property values — as the main reason for the upgrade. The city also cited prudent fiscal choices that have allowed it to maintain a general-fund reserve at 15 percent as factors that prompted the upgrade.
Denver is the only city in Colorado to receive the AAA rating.
Christopher N. Osher, The Denver Post
