Mayor Mike Purzycki and City Treasurer Velda Jones-Potter Announce Wilmington’s Bond Ratings Have been Affirmed
The bond ratings (AA- from Fitch, Aa2 from Moody’s and AA from S&P) enable the City to borrow money at a lower cost for capital projects
Wilmington Mayor Mike Purzycki and City Treasurer Velda Jones-Potter announced today that the City’s bond ratings, as determined by the nation’s three major bond rating agencies, have been affirmed. The rating agencies said the City’s diversified business and economic base, its steady residential and business development and its strong financial policies and manageable debt are reasons why the ratings held steady. Also cited was the City’s ability to properly manage its economically sensitive revenue streams and spending pressures.
Citing Wilmington’s steady financial position, Standard and Poor’s (S&P) (AA, ‘double A’), Fitch (AA-, ‘double A minus’), and Moody’s (Aa2, ‘A A two’) affirmed the City’s bond rating as determined by those respective agencies.
Mayor Purzycki said a strong bond rating can mean a lower cost to the City when it becomes necessary for the government to borrow money for projects such as road repairs, building improvements or additions and water and sewer infrastructure upgrades. The Mayor said a lower or consistent cost of borrowing helps the City decrease the overall tax burden on citizens and businesses. Purzycki said it’s important to keep the city on a steady multi-year course regarding revenue and expenditures, sound management of city finances and neighborhood and business growth.
City Treasurer Jones Potter said today that Wilmington will have more appeal to investors as a result of the affirmed bond rating. “Wilmington is already known as a good investment, so I am pleased that the reviewers recognized our ability to support and sustain the City tax base and economy through an array of sound fiscal management practices which they viewed as important, necessary and beneficial.”
The Mayor and Treasurer expressed their appreciation today to all of the City officials and employees who assisted with the City’s bond rating process and contributed to the City’s sound fiscal outlook, including City Council President Hanifa Shabazz, City Council Finance Committee Chair Charles “Bud” Freel, and the City’s Budget Director Robert Greco and Finance Director Patrick Carter and their respective staff. Treasurer Jones-Potter also extended special thanks to her Deputy Mary McDermott for her efforts in helping the City achieve a successful bond rating review.
For more information about this news release, contact:
Deputy Chief of Staff for Policy and Communications
Office of Mayor Michael S. Purzycki
Mobile: (302) 420-7928