City Gets Positive Bond Rating from Wall Street

Annapolis City Hall's finances have been brought under control and given a positive outlook by the first of three credit ratings agencies on Wall Street.

Moody's Investors Service Inc., assigned the city with an Aa3 bond rating—the fourth-highest available. The financial news put Mayor Josh Cohen in good spirits after the ratings were downgraded by Fitch and Moody's two years ago, forcing the city to work to show it had its fiscal house in order. 

“Though we have made tremendous strides, we have more work yet to do. I urge the Finance Committee and City Council to remain resolute in their commitment to continue the progress we have made," Cohen said in a news release from the city.

Moody's also upgraded the financial outlook on the city from stable to positive for $86 million of outstanding general obligation debt and $15 million in general obligation public improvement bonds.

The rating will mean a lower interest rate for bonds the city anticipates purchasing for capital projects later this month, according to the release.