Standard & Poor`s and Fitch Ratings Assign Stellar Credit Rating to City of West Hollywood

WEST HOLLYWOOD, Calif.--(Business Wire)--
The City of West Hollywood has been assigned an `AAA` for the City`s credit
rating, which is the highest attainable rating possible and an `AA +` rating for
lease bonds by Standard & Poor`s (S&P). The City also received an `AA` rating
for $9.4 million 2009 lease revenue bonds (LRBs), Series A, and $29 million
Series B lease revenue bonds by Fitch Ratings.

"In light of the worldwide recession and the State of California`s fiscal
crisis, an AAA credit rating for West Hollywood is a remarkable accomplishment
that the entire community should celebrate," said Paul Arevalo, West Hollywood
City Manager. "The AAA credit rating for the City is a validation of years of
hard work and prudent fiscal management by the City Council and staff,"
continued Arevalo.

According to Fitch Ratings, the `AA` rating reflects the City of West
Hollywood`s very strong financial position, marked by at least three consecutive
years of very high operating surpluses and general fund balances, and prudent
management practices. Other rating considerations include the City`s strong
economy; a high concentration of revenues generated from economically sensitive
sources; high income levels and a well-educated workforce; heightened economic
concentration in the tourism sector; and moderate net debt levels with slow
amortization and limited capital needs.

The City`s bond ratings were reviewed before issuing bonds for the new 25th
Anniversary Capital Project. The 25th Anniversary Capital Project will develop
premier public facilities, parks and open space. The $9.4 million 2009 LRBs
series A and $29 million Series B will finance the acquisition and construction
of various phases of the 25th Anniversary Capital Project.

City of West Hollywood
Anil Gandhy
Director of Finance
323-848-6330

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