Posted on: December 6, 2016

City Keeps AA+ Rating from Fitch Rating Agency

Annapolis, MD (12-6-16) 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: $9,500,000 General Obligation Public Improvement and Refunding Bonds, Series 2016A, and $6,755,000 General Obligation Public Improvement Refunding Bonds (Taxable), Series 2016B.

Fitch affirmed the AA+ rating and outlook as stable, citing the city’s ability to maintain strong financial resilience throughout economic cycles given its superior inherent budget flexibility in the form of revenue and spending control. Fitch also pointed to the city’s demonstrated commitment to restoring reserves to within its policy level of 10% of governmental spending during periods of recovery.

 “Our ongoing focus on long-term solutions has resulted in Fitch’s positive rating and will keep us on the right path as we continue to make improvements in our budgeting process,” Mayor Pantelides said.

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