December 8, 2023
Annapolis, US 50 F

Fitch Downgrades Annapolis From Stable To Negative

ThumbsDown1From a Reuters repot earlier today:

Fitch Ratings on Monday said it revised Annapolis, Maryland’s rating outlook to negative from stable, citing concerns about the city’s problems balancing its budget.

Fitch said it is concerned over the city’s “uneven operating performance, continued reliance on inter-fund transfers and significant underfunding of the actuarial required contribution for pension.”

Any rating action in the near term will be based on how the city addresses its structural gap between recurring revenue and expenses.

The rating agency also affirmed Annapolis’s AA-plus general obligation bond rating, affecting about $54.6 million of debt.

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