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City Gets A+ Rating …

Posted by Bob Gernert on July 15, 2009 at 1:12 pm

It may be a tough economy and budgets are certainly stretched thin but in the course of routine surveillance, Fitch Ratings  affirms the “A+” ratings on the city’s $22.7 million public improvement refunding revenue bonds and $7.5 million sales tax revenue bonds, series 2002. The rating outlook is stable.

The “A+” ratings reflect solid debt service coverage by each issues’s respective pledged revenues with no additional leveraging plans.

Fitch also notes, “The city’s financial position remains healthy despite the challenges posed by the recession. The general fund’s fiscal 2008 unreserved fund balance totaled $6.7 million, a high of 20.4% of total spending … well above the city’s formal 10% target.  You can get a copy of the firm’s report here: fitch-ratings

Congratulations to our City Commission, Adminsitration, management team and employee workforce.

From the company Web site:  Fitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data. With 50 offices worldwide, Fitch Ratings’ global expertise, built on a foundation of local market experience, spans across capital markets in over 150 countries. Fitch Ratings is widely recognized by investors, issuers, and bankers for its credible, transparent, and timely coverage.

Fitch Ratings is headquartered in New York and London and is part of the Fitch Group. In addition to Fitch Ratings, the Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics, and related services. The Fitch Group also includes Algorithmics, a world leading provider of enterprise risk management solutions. The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.

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