Annapolis Mayor Michael Pantelides announces Moody’s Investors Service has assigned an Aa2 positive rating to Annapolis’ $6.1 million General Obligation Public Improvements Refunding Bonds Series 2016A and $19.6 million General Obligation Public Improvements Taxable Refunding Bonds Series 2016B.
Concurrently, Moody’s maintains the Aa2 positive rating on the city’s $144 million of General Obligation debt outstanding.
According to Moody’s, The Aa2 reflects the city’s recently improved financial position supported by proactive management and conservative budgeting despite a planned reduction in reserves. The rating also reflects the city’s sizable and diverse tax base with institutional presence, above average demographic profile, and manageable debt burden.
Moody’s characterizes the city’s strengths as having:
- Large tax base anchored by public sector presence
- Above average wealth levels
- Healthy reserve levels and cash position
“I am proud that Moody’s saw our fiscal restraint and ongoing self-control that kept our city moving forward without putting additional burden on the taxpayer,” Mayor Pantelides said.
The bonds are scheduled to sell via negotiation on or around June 22. Proceeds of the bonds are being used to refinance a portion of the city’s outstanding bonds for debt service savings.
Standard and Poor’s rating is expected to be released shortly.