City Keeps AA+ Rating from Fitch - Outlook Revised to Stable
Annapolis, MD (5-8-14) Annapolis Mayor Michael Pantelides announced that the City maintained their AA+ rating from Fitch rating agency and the outlook was upgraded to Stable.
Fitch affirmed the AA+ rating and revised the outlook from Negative to Stable, citing continued management action to improve the city's structural position, enhanced revenues, decreased spending, and execution of its plan to reach full funding of the pension annual required contribution over the near term.
“Affirming our AA+ rating and revised outlook is the result of a strong financial team, a dedicated administration, and a committed City Council, all working together to create a solid financial foundation for the City as it moves forward,” Mayor Pantelides said.
According to Fitch, some of the key rating drivers include:
- Stabilizing Operating Environment
- Additional Revenue Flexibility
- Solidly Performing Economy
- Moderate Debt Burden
- Well-Funded Pension
“The City went through a process, the result of which has improved funding of retirement and retirement benefits, peaceful labor relations and a committed workforce,” Acting City Manager Brian Woodward said. “This undoubtedly contributed to Fitch revising our outlook.”
“We have made a concerted effort to work with City Council as well as the Financial Advisory Commission to address our financial operations,” Finance Director Bruce Miller said. “As evident by the revised outlook, our due diligence is paying dividends and will keep us focused on making continued improvements.”
Additional information is available at www.fitchratings.com.