Palm Springs, CA

S&P Global Ratings has reaffirmed the City of Palm Springs’ AA long-term credit rating in advance of the City Financing Authority’s 2025 lease revenue bonds, which will fund major renovations to the Palm Springs Public Library and Swim Center. The bond issuance is part of a $50 million capital improvement effort scheduled to break ground this fall at Sunrise Park.

Pictured: Palm Springs Swim Center

In addition to the AA rating on the lease revenue bonds, S&P also reaffirmed its AA+ issuer credit rating for the City and the AA long-term and underlying ratings on Palm Springs’ existing appropriation debt.

“This affirmation of our AA lease revenue bond rating from S&P Global reflects the rating agency’s view of Palm Springs’ growing economy and robust reserve position,” said Finance Director Kris Mooney. “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 is excellent news for our residents and stakeholders.”

City Manager Scott Stiles emphasized the significance of the rating in supporting the city’s broader goals: “This important news helps us continue the momentum of moving forward these important community-driven capital improvement projects. Because of the City Council’s strong commitment to financial stability, we can now deliver what will be an exceptional project for our community.”

The upcoming renovations to the library and swim center are key parts of the city’s efforts to enhance public services and community spaces, reinforcing Palm Springs’ long-term commitment to infrastructure, culture, and quality of life.