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City of Deer Park's AAA-bond rating re-affirmed by S&P Global Ratings
News Release
Tuesday, October 30, 2018

The City of Deer Park is pleased to announce that S&P Global Ratings has re-affirmed the City’s AAA-bond rating with a “stable outlook.”

The rating was assigned to the City’s Series 2018 Certificates of Obligation, which will allow the City to issue the bonds at a most favorable rate of interest.

According to the S&P report issued on October 25, the AAA-bond rating reflects “historical commitment to maintaining very strong reserves, which provides substantial financial cushion for fluctuations in commodity prices related to the petrochemical industry.”

Further, the report indicates that S&P expects “Deer Park will continue to benefit from its access and participation in the broad and diverse Houston-The Woodlands-Sugar Land metropolitan statistical area, allowing for continued economic growth and subsequent tax revenue gains.”

City Manager Jay Stokes said the City’s continued AAA-bond rating placed the City of Deer Park in an elite financial status claimed by only a small group of Texas municipalities.

“I would like to thank our Mayor, our City Council, our administrative team, our Director of Finance Donna Todd, and our Finance Department staff for all of their dedication toward maintaining our financial standing,” Stokes said. “According to Standard and Poor’s, this re-affirmed AAA-bond rating reflects strong financial management, strong budgetary performance and flexibility, and a strong institutional framework, and these achievements would not be possible without the cooperation of our entire staff and leadership team.”

For more information, visit the City’s website at www.deerparktx.gov.





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