S&P Global affirms Salem's 'AA' bond rating

The City of Salem announced Oct. 20 that S&P Global Ratings has affirmed the city's long-term bond rating of 'AA.'

The rating agency cited Salem's strong and diversified economy, responsible budgetary and operating performance, robust financial management practices, manageable debt profile, capacity to address long-term pension obligations, and proactive planning to mitigate climate-related risks. A rating of 'AA' indicates very strong fiscal stability and capacity to meet financial commitments.

In its report, S&P stated: "The rating reflects our view of the city's robust and expanding economy. The city's historically consistent financial operations, maintenance of solid available reserves, and comprehensive financial management further support the rating."

"Salem continues to have a strong local economy, healthy levels of new growth, and solid fiscal policies and practices," Mayor Dominick Pangallo said in the release. "I'm proud that S&P Global has again recognized the City of Salem's professional financial management and am grateful to our Finance team for all that they do to keep our City finances and budget consistently high-performing."

S&P Global Ratings is a provider of credit ratings used by financial markets to assess an issuer's ability to meet its financial obligations.

Source: City of Salem announcement, October 21, 2026.

Checked against the record: before publication this article was automatically compared with the original announcement. It was corrected where it differed.