City of Nogales maintains “AA” rating from S&P

Date: December 15, 2015

Nogales—Nogales Mayor John Doyle is pleased to announce the City of Nogales has been rated “AA” from Standard and Poor’s rating agency. This rating signifies the City of Nogales has a very strong capacity to meet its financial commitments.

“This is a great sign of financial strength and management on the part of the City,” said Mayor Doyle. “This rating means a sustained win for our local taxpayers, as resources can be dedicated to public services instead of higher interest rates.”

The bond rating comes as the City of Nogales is refinancing nearly $8 million of outstanding debt to take advantage of lower interest rates. The lower rates will help save the City of Nogales over $1 million through 2034. The refinancing is planned to be complete prior to the end of December.

“Everyone at City Hall has worked hard to ensure financial sustainability as we continue to come out of the depths of the most recent economic downturn” added Mayor Doyle.

The City of Nogales, Arizona is a full-service municipality providing public safety, water, sewer, sanitation, cemetery, parks, recreation, library, streets maintenance, economic development, and other public services. Incorporated in 1893, Nogales is Arizona’s principal port of entry with Mexico with nearly 10 million people crossing the border annually and $26 billion in annual bilateral trade through its four ports of entry.

For any inquiries, please contact Marisol Mercado at (520) 287-6571.