SAN DIEGO - Fitch Ratings, one of the three major credit rating agencies, has raised its ratings on the City's general obligation bonds to "AAA," its highest rating. No other large city in California has an "AAA" general obligation bond rating from Fitch.

Moody's Investors Service has also confirmed its ratings on the City's general obligation bonds at Aa1 and Standard & Poor's confirmed an AA rating. Both of these ratings are also among the highest of large California cities.

City Treasurer Mary Vattimo said the new ratings further improve the City's already strong bond ratings and will result in savings for the City and its citizens on future bond issuances. "The City of San Diego has been rated highly by the rating agencies for many years. These new ratings underscore the City's sound and conservative financial management and strong, local economic fundamentals," she said.

Fitch said the rating upgrades result from the City's continued job growth and low unemployment rates, sound financial operations, and low debt burden. The upgrade announcement also noted that despite sizable recent bond issuances, "the City's debt burden remains low and will remain affordable given moderate future issuance plans."

Standard & Poor's also identified the City's diversified economy, strong financial management, and moderate debt levels as factors supporting its ratings.