S&P Raises Navajo Nation Issuer Rating to A+, 2015A Bonds Upgraded

Navajo Nation saw its issuer credit rating raised to A+ from A by S&P Global Ratings in a report released Feb. 19, the Navajo Times reported Feb. 26. The same S&P action upgraded the long-term rating on the Nation’s Series 2015A general obligation refunding bonds to A+ from A, and S&P assigned a stable outlook to the ratings.

S&P identified the upgrade as driven by improved debt metrics and ongoing sound financial performance. The Navajo Times paraphrased S&P’s findings, writing that the upgrade “is based on improved debt metrics and continued stable financial results,” language that appears in the S&P release dated Feb. 19 and cited in the Feb. 26 Navajo Times story by Krista Allen.

S&P analysts also addressed the Nation’s revenue and liquidity picture. According to the Navajo Times report, “Analysts wrote that the Nation’s revenues are expected to remain sufficient to support operations and that financial flexibility is likely to continue through its permanent fund, though the fund is not pledged to the 2015 bonds.” The report further notes that “S&P also reported carrying charges are expected to remain low,” signaling the agency’s expectation of manageable interest and debt-service burdens going forward.

The bonds specifically identified in the local coverage are the Series 2015A general obligation refunding bonds; the Navajo Times used that precise series name when reporting the long-term rating change. The S&P release and the Navajo Times excerpt do not include principal amounts, maturity schedules, coupon rates, trustee or indenture details, or figures for debt ratios or permanent fund balances. The only security detail explicitly stated is that the permanent fund is not pledged to the 2015 bonds.

Krista Allen’s Navajo Times article carrying the item was posted Feb. 26, 2026 under the News section and appears on the site page labeled TÓNANEESDIZÍ. The Feb. 19 S&P report date appears repeatedly in both the S&P release language and the Navajo Times coverage; no additional S&P document identifiers or metric tables were included in the materials supplied with the story.

While S&P’s move to A+ and a stable outlook is now public, the available materials do not state whether Navajo Nation leaders plan to pursue new borrowing tied to the upgraded rating or how local projects might be financed. Finance officials and municipal advisors in Window Rock and in San Juan County’s chapters will likely seek the full S&P report and additional details on the Series 2015A bonds to determine any next steps for capital planning and debt management.