Annapolis Mayor Michael Pantelides announces Moody’s Investors Service has assigned a Aa2 to the City of Annapolis’ $11.5 million Public Improvement Bonds, 2015 Series A and $21.3 million Public Improvement Refunding Bonds, 2015 Series B.
Concurrently, Moody’s has upgraded to Aa2 from Aa3/positive the rating on $108.8 million of outstanding General Obligation debt.
“I am pleased to see the difficult decisions we were forced to make last year have benefited our citizens,” Mayor Pantelides said. “We will continue to be fiscally prudent while providing the quality services our citizens have come to expect.”
Moody’s wrote: “The upgrade to Aa2 reflects the city’s recently improved financial position due to conservative budget and proactive management.”
Moody’s characterizes the City’s strengths as having:
- Large tax base anchored by public sector presence
- Above average wealth levels
- Healthy reserve and cash position
The City is anticipating purchasing bonds in mid-May and the current rating will mean a lower interest rate on a variety of bonds that will pay for capital projects within the city. The other two bond rating agencies, Fitch and Standard & Poor’s, are expected to release their ratings next week.