Fitch Ratings has upgraded its rating to AAA for the city's general obligation bonds, which are backed by the city's general fund. Fitch has given the city an AA+ rating for lease revenue bonds, which are backed by anticipated revenue.
High credit ratings mean the city can issue debt at lower interest rates, according to city officials.
Standard & Poor's gave the city an AA rating for general obligation bonds and AA-for lease revenue bonds.
The city is considering borrowing money for several future projects, including a downtown library and a City Hall complex.
The higher credit ratings will help the city get better interest rates if it seeks to refinance outstanding bonds, including $205 million worth issued in 1997 to expand the San Diego Convention Center and $169 million worth issued in February to finance construction of a downtown ballpark for the Padres.
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