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Wall Street Firm Upgrades City’s Redevelopment Bonds

(SAN DIEGO) Downtown San Diego’s financial health has received another vote of confidence from Wall Street. Standard & Poor’s (S&P) has upgraded the ratings for several bonds issued by the city’s redevelopment agency to pay for projects in Horton Plaza and other parts of downtown. The move will make it easier and less expensive for the agency to raise money for future projects.

Horton Plaza Tax Allocation Bonds Series 1996 were reinstated and upgraded from an A- to an A rating and the Horton Plaza Tax Allocation Bonds Series 2000 were reinstated and upgraded from a BBB+ to an A- rating. The Centre City Tax Allocation Bonds A, B, C and D Series 2004 were reinstated and confirmed at an A rating.

“These reinstated and improved ratings demonstrate that there is continued confidence in downtown’s redevelopment programs administered by Centre City Development Corporation (CCDC),” said Mayor Jerry Sanders.

The bonds were used to raise money for a wide variety of projects in the 1,450-acre Centre City region, the downtown area that includes Petco Park as well as office, retail, hotel, industrial, public/cultural and residential space.

Said Fred Maas, CCDC Chairman and CEO, “It is this diversity in uses that make downtown a strong and stable tax base.”