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Fitch Ratings has assigned A+ ratings to $40 million of San Diego capital improvement projects and Old Town Light Rail Extension lease revenue refunding bonds, and also $6 million of Balboa Park/Mission Bay Park Refunding bonds. The City has "a recovering tax base," says Fitch, pointing to "much improved financial reporting practices." Tourism should do well over the next three years, says Fitch, and possible defense cuts from sequestration are "absorbable given the large property and sales tax base." The San Diego City Employees Retirement System (SDCERS) is 68.5% funded, said Fitch.

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