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Worcester gets highest-ever bond rating from Fitch
Worcester City Manager Edward M. Augustus Jr. announced the city of Worcester has received its highest-ever municipal bond rating from Fitch Ratings, a global independent credit rating agency.
The agency upgraded the city’s municipal bond rating to AA, up from AA-.
Worcester is rated annually by three independent rating agencies. In addition to the Fitch Ratings AA (stable) rating, Moody’s Investors Service and Standard and Poor’s Rating Service have reaffirmed the city’s strong ratings of Aa3 (stable) and AA- (stable), respectively.
“The entire community should take great pride in the city’s improved credit rating,” Augustus said. “It is a statement that the city has strong management, demonstrated positive financial performance over time, and continued economic development growth. It required us to execute a coordinated long-range plan, making difficult decisions in order to deliver consistent, steady progress to expand our tax base, grow our reserves, and address our long-term liabilities.”