Standard & Poor’s upgraded Millbrae’s general obligation bond rating to AA+ from AA, the city announced Monday.
Thereport noted the Millbrae economy is very strong with per capita effective buying power of 157 percent of the national level and a market value of roughly $184,000 per capita. The report also noted Millbrae city management is “strong” and that city budgetary flexibility is “very strong,” according to the city.
This bond rating upgrade to AA+ places Millbrae with the same rating level of the city of San Mateo for general obligation bonds. In San Mateo County, Menlo Park and San Carlos are rated AAA for their outstanding general obligation bonds, while Burlingame has a AA rating for its pension obligation bonds, according to the city.
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