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Posted on: June 15, 2017

City Keeps AA+ Rating from Fitch Outlook Remains Stable

Annapolis Mayor Michael Pantelides announced that the city maintained its AA+ rating from the Fitch Rating Agency and the outlook remains stable.

 

The AA+ rating has been assigned to Series: ­­$6,065,000 General Obligation Public Improvement and Refunding Bonds, Series 2017A, and $19,575,000 General Obligation Public Improvement Refunding Bonds (Taxable), Series 2016B.

 

In addition, Fitch affirms the following ratings: ­­Approximately $75 million outstanding city GO bonds at ’AA+’; ­­the Issuer Default Rating (IDR) at ’AA+ Fitch affirmed the AA+ rating and outlook as stable.

 

“I am glad to see that Fitch recognizes our ongoing efforts to remain fiscally prudent, managing our citizens’ money carefully,” Mayor Pantelides said.

 

Fitch wrote, “The city’s strong financial profile reflects positive revenue growth prospects from an improving property tax base, manageable expenditure growth and a demonstrated ability to reduce expenditures during economic downturns.”

 

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.

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