City Officials in New York Meeting with Bond Agencies
Annapolis, MD (4-25-12) Annapolis Mayor Joshua J. Cohen is leaving at noon 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.
“When we met with the rating agencies last year, we made a commitment to come back this year and update them on our actions,” Mayor Cohen said. “I’m looking forward to discussing the results of our recent independent audit which affirms that we are doing what we said we would do. We have reduced the size of government, stopped the City’s past practice of deficit spending, and have reprioritized our resources to strengthen our financial position.”
The City’s current rating for its long-term debt and restructuring plan is as follows:
- Moody's Investors Service –Aa3
“Our priorities are to rebuild our cash reserves and address long-term liabilities,” said City Manager Michael Mallinoff. “We have closely followed a list of priorities outlined by the rating agencies over the past year and have been consistently working toward stabilizing our financial position.”
Last year, the agencies expressed confidence in Mayor Cohen’s financial team – led by City Manager Michael Mallinoff and Finance Director Bruce Miller – to improve the City’s financial state.
“The unreserved fund balance is a key indicator when assessing the financial strength of a City,” said Finance Director Bruce Miller. “We are confident that when we meet, we will be able to show the remarkable strides the City has made to replenish our fund balance and create a more stable financial environment.”
Alderwoman Sheila Finlayson will be Acting Mayor effective noon Wednesday, April 25 through 5 p.m. on Friday, April 27, during Mayor Cohen’s absence.