City Officials in New York Meeting with Bond Agencies
April 10, 2013
Annapolis, MD (4-10-13) Annapolis Mayor Joshua J. Cohen is leaving today, along with City Manager Michael Mallinoff and Finance Director Bruce Miller, for meetings with the bond rating agencies in New York City.
The team will meet with the three major rating agencies: Moody's Investors Service, Standard & Poor's, and Fitch Ratings to discuss the City’s credit rating over the next two days.
“I believe the rating agencies recognize and value the approach we have been taking,” Mayor Cohen said. “We have recovered from the City’s fiscal crisis by addressing our fiscal challenges head-on. By reducing expenses and increasing revenues we have achieved three consecutive balanced budgets. By restoring more than $22 million into our fund balances, we have fully repaid all of our short-term lines of credit and tax anticipation notes. And even while addressing our immediate budgetary needs, we have still managed to allocate millions of new dollars towards our long-term liabilities. City Manager Mike Mallinoff and Finance Director Bruce Miller have guided us well in our policy decisions, overhauled the City’s internal processes and controls, brought transparency to our finances, and played a critical role in getting our fiscal house in order.”
The City’s current rating for its long-term debt and restructuring plan is as follows:
- Moody's Investors Service Aa3
- Standard & Poor’s AA
- Fitch Ratings AA+
Two years ago Moody’s Investors Service downgraded Annapolis’ bond rating and assigned the City a negative outlook. Last year, in recognition of the City’s prudent fiscal steps, Moody’s took Annapolis off their watch list and restored the stable outlook.
“The stable outlook reflects the city’s proactive measures and expected future commitment to raising revenues and reducing expenditures to improve the city’s reserve and liquidity position going forward.”
Annapolis now has a stable outlook from all three major rating agencies.
Ward Seven Alderman Ian Pfeiffer will be Acting Mayor from noon today until 6 p.m. Friday, April 12, during Mayor Cohen’s absence.