Annapolis Mayor Joshua Cohen, City Manager Michael Mallinoff and Finance Director Bruce Miller recently attended meetings with bond rating agencies in New York City. The team met with the three major rating agencies: Moody’s Investors Service, Standard & Poor’s and Fitch Ratings, to discuss the city’s credit rating.
“We have recovered from the city’s fiscal crisis by addressing our fiscal challenges head-on. By reducing expenses and increasing revenues, we have achieved three consecutive balanced budgets,” said Cohen. “By restoring more than $22 million into our fund balances, we have fully repaid all of our short-term lines of credit and tax anticipation notes.
“And even while addressing our immediate budgetary needs, we have still managed to allocate millions of new dollars towards our long-term liabilities,” he said. “[Mallinoff and Miller] have guided us well in our policy decisions, overhauled the city’s internal processes and controls, brought transparency to our finances and played a critical role in getting our fiscal house in order.”
The city’s current rating for its long-term debt and restructuring plan is as follows.
Moody’s Investors Service: Aa3
Standard & Poor’s: AA
Fitch Ratings: AA+
Two years ago, Moody’s Investors Service downgraded Annapolis’s bond rating and assigned the city a negative outlook. Last year, in recognition of the city’s prudent fiscal steps, Moody’s took Annapolis off its watch list and restored the stable outlook. Annapolis now has a stable outlook from all three major rating agencies.