S&P Global Ratings, a municipal bond credit rating agency, has affirmed the City of Salem's long-term rating of 'AA'. The rating agency cited the City's healthy and growing tax base, strong management, history of robust financial performance, and maintenance of reserves as positive credit factors. A rating of 'AA' indicates a very strong capacity to meet financial commitments.

In their report, S&P stated: "The current management team has a storied history of stabilized finances, adherence to the city's financial reporting and monitoring practices, and formalized policies, all of which we view favorably."

"We have an incredibly strong local economy in Salem, healthy levels of new growth, and solid fiscal policies and practices that have resulted in this affirmation by S&P Global Ratings of our historic bond rating," said Mayor Dominick Pangallo, "I am so proud that S&P has again recognized the City of Salem's strong financial management environment with a focus on long-term financial and capital planning, which ultimately supports stable finances for our city. I am grateful to our city treasury and finance departments for leading our process with the agency, and for all they do to keep our city finances and budget consistently well-performing."

S&P Global Ratings is a leading provider of Credit Ratings. The world's financial markets depend on S&P Global Ratings for the accessible insights and valued perspectives they provide that drive clarity and growth in the market. For more information, visit https://www.spglobal.com/ratings/en/.