In 2013, the rating was lowered from AA- to A+.
In 2018, the rating was lowered from A+ to A-.
In 2019 the rating was lowered from A- to BBB.
In 2020 the rating was lowered from BBB to BBB-.
In 2023, the rating was upgraded from BBB- to BBB.
Let’s hope the overspending and depletion of nonrestricted reserves don’t bite EC in the rear end. Meanwhile, let’s take a moment to congratulate the City.
S & P Press Release
ENGLEWOOD (S&P Global Ratings) Sept. 29, 2023–S&P Global Ratings raised its underlying rating (SPUR) to ‘BBB’ from ‘BBB-‘ on El Cerrito, Calif.’s outstanding certificates of participation (COPs). The outlook is positive.
“The raised rating action our view of the city’s improved financial position and internal controls, resolution of the ‘going concern’ opinions by the auditors and restored structural balance,” said S&P Global Ratings credit analyst Alyssa Farrell. “The positive outlook reflects our opinion that we could raise the rating further if the trend of structural balance and at least adequate reserves is sustainable beyond short-term budgetary relief and if its recently enhanced financial management policies and practices are maintained,” Ms. Farrell added.
The outstanding COPs are secured by lease rental payments made by the city of El Cerrito, as lessee, to the El Cerrito Public Financing Authority, as lessor. We rate this obligation one notch lower than the city’s general creditworthiness to account for the risk of nonappropriation associated with the lease payments.
Located just 17 miles northeast of San Francisco in a corridor defined by mountains on one side and the San Francisco Bay on the other, El Cerrito is well integrated with its larger region via an interstate highway and two stops on the region’s commuter rail system.
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.spglobal.com/ratings for further information. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings’ public website at www.spglobal.com/ratings.
El Cerrito Committee for Responsible Government (ECCRG) 
Finally, some good news.
Bob Adams adams1186@gmail.com 510-381-2946
On Mon, Oct 2, 2023, 7:29 AM El Cerrito Committee for Responsib
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I already congratulated city management on this news. However, the rating increase was not at all unexpected. More good news to come.
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