IE Business Daily Business news for the Inland Empire.
S&P Global Ratings has upheld Palm Springs’ AA long-term credit rating, which will allow the city to proceed with two major projects.
That ruling means the Palm Spring financing authority may issue bonds to pay for the renovation of the city’s public library and swim center, according to a statement on the city’s website.
“This affirmation from S&P Global reflects the rating agency’s view of Palm Springs’ growing economy and robust reserve position,” said Kris Mooney, city finance director, in the statement. “We are delighted that S&P recognizes that the general fund performance has been strong over the past five years, and the rating outlook is stable.”
This fall, Palm Springs will break ground on renovation of the Palm Springs Public Library and Swim Center in Sunrise Park. Combined cost of both projects is expected to be about $50 million, according to the statement.
