All Three Major Ratings Agencies Assign ‘AAA’ Ratings to Vibrant Bonds

All Three Major Ratings Agencies Assign 'AAA' Ratings to Vibrant Bonds

Published on February 06, 2026

Denver- Ahead of the City and County of Denver's first Vibrant Denver Bond debt issuance, the U.S.'s three primary bond ratings agencies have assigned AAA/Aaa/AAA ratings to the bonds-the highest achievable bond rating for government and corporate bond issuers.

On Monday, February 9, Denver City Council will vote on the first bond issuance under Mayor Mike Johnston's $950 million Vibrant Denver general obligation bond. If approved, this will allow the city to sell the first issuance of $410 million in general obligation bonds, the proceeds of which will be invested into Vibrant Denver Bond infrastructure projects.

"These ratings demonstrate Denver's sterling track record of financial management," said Mayor Mike Johnston. "Just as importantly, they allow us to finish what voters started by launching every single Vibrant Denver Bond project this year and bringing improvements to every corner of our city."

Bond ratings indicate the city's credit quality and are used to inform investors of the likelihood the city will repay the debt on time and in full. Bond ratings impact the interest rates government issuers pay on their bonds.

"These ratings reflect the city's excellent creditworthiness and are a testament to the strength of Denver's financial management practices," said Denver's Chief Financial Officer Nicole Doheny. "Higher bond ratings directly relate to the amount of interest we pay when we issue debt, and these ratings mean we can continue to receive favorable interest rates, keeping our overall costs of delivering bond projects low."

All rating agencies cited Denver's strong financial management, financial resiliency, and economy in affirming the city's highest-level rating:

Moody's:

• "The Aaa issuer rating reflects Denver's large and diverse economy…recent softening of home prices as well as ongoing growth in income levels generated by the area's highly skilled labor pool should help the economy continue to perform well in comparison to the nation."
• "The [Aaa] rating also incorporates the city's strong governance and well-managed financial operations that yield strong available fund balances and liquidity levels which averaged nearly 50% of annual operating revenues the last five years."
• "Denver's stable outlook reflects its role as a key regional economic center supported by a large and diverse economic base."
• "…the outlook also incorporates management's sound fiscal practices and demonstrated ability to implement operating adjustments to address budget shortfalls, align recurring revenues and expenditures, and maintain policy driven reserve levels, as evidenced in the fiscal 2026 budget."

Standard & Poor's (S&P):

• "Denver's credit profile is characterized by a very large taxing base with ongoing -although slowing-economic momentum, a sophisticated financial management framework, and a historically sound budgetary environment."
• "Comprehensive financial management policies and framework"
• "Relatively low debt compared to market value"
• "The city's financial management policies and practices are above average, in our view, as indicated by robust oversight and reporting and conservative budget assumptions, along with a demonstrated track record of planning for nonrecurring costs and budgeting for contingencies."

Fitch:

• "Fitch's assignment of a 'AAA' rating to the new GO series 2026 A-B bonds, and affirmation of the IDR and outstanding GO bonds at 'AAA', reflects the city's 'aaa' financial resilience assessment"
• "The ratings also incorporate Fitch's 'strong' assessment of the city's demographic and economic trend and level metrics, as well as its long-term liability burden"
• "Demonstrated actions taken during prior downturns indicate an ability and willingness by management to meaningfully adjust spending levels when necessary"

Denver has a long track record of financial excellence and has been consistently rated AAA/Aaa/AAA by all three agencies since 2010.

About Denver's Department of Finance

Committed to being the best financially managed city and county in the nation, the Department of Finance (DOF) unifies the financial and accounting functions of the City and County of Denver and provides residents easy access to key financial data through Transparent Denver. DOF is divided into the Office of the CFO and seven divisions, including the Assessor's Office, Controller's Office, Budget and Management Office, Capital Planning and Real Estate, Cash and Capital Funding, Risk Management and Worker's Compensation, and Treasury. For more information, visit Denvergov.org/finance.

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