News & Announcements Updates

News & Announcements

July 24, 2013
City of Santa Fe Rebukes Moody’s Bond Rating

The City of Santa Fe was included on a list, along with 29 other local governments and school districts for a possible downgrade of its bond rating by Moody’s Investor Service recently. Moody’s news release inaccurately reported that that the pension liability for the City of Santa Fe and other Public Employee Retirement Association (PERA) participants do not conform to the calculated actuarial liability amounts from PERA.

“In fact, the City of Santa Fe pays its contributions to PERA in full on a regular basis, in accordance with contribution requirements computed by PERA,” stated Marcos Tapia, Finance Director for the City of Santa Fe.

The City of Santa has not requested a rating from Moody’s in over five years. The general obligation ratings for the City of Santa Fe are “AA+” by Fitch and “AA” by Standard & Poor’s, both of which were recently reaffirmed.

Moody’s Investor Service has yet to retract or update their erroneous report.

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