Moody's Investor Service assigned an Issuer Rating of "Aa1" to the City of Coral Gables. The rating reflects Moody's assessment of Coral Gables' implicit general obligation credit strength. The ratings rationale reflects the City's large and diverse tax base, minimal debt burden and also reflects the City's strong wealth indexes that trend well above state and national levels.
Standard & Poor’s Ratings Services assigned its "AA" underlying rating (SPUR), with a stable outlook. The SPUR reflects the City’s creditworthiness and the security of the City’s covenant to budget and appropriate from non-ad valorem revenues. The SPUR also reflects the City’s:
• Very strong to extremely strong economic indicators despite recent weakness in the property tax base;
• Currently adequate, but historically inconsistent, financial operations; and
• Low to moderate debt burden.
The City received a distinguished Budget Presentation Award for its 2009-2010 budget from the Government Finance Officers Association (GFOA). The City has received this award 20 consecutive years.
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the fiscal year ending September 30, 2009. This was the 26th consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement, the City published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements.