City Keeps AA+ Rating from Standard And Poor’s Outlook Remains Stable

From the City of Annapolis:

Annapolis, MD (12-6-16) Annapolis Mayor Michael Pantelides announced the city maintained its AA+ rating and stable outlook from Standard & Poor’s Global Ratings to series 2016A public improvement and refunding general obligation (GO) bonds and series 2016B public improvement GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating, and stable outlook, on the city's GO debt outstanding.

Standard & Poor’s views the city's management as very strong, with financial policies and practices in place, indicating financial practices well embedded, and likely sustainable. Standard and Poor’s also cites the fact that Annapolis has adopted a number of formal financial policies and practices, helping to solidify its sound financial position and conservative management practices.”

“Going to a programmatic budget two years ago has helped to prioritize a number of financial practices and I am grateful that Standard and Poor’s identified this as one of our strengths in keeping our high rating and outlook,” Mayor Pantelides said.

Standard and Poor’s wrote, “The outlook reflects our opinion of the city's formalized policies that help support the maintenance of conservative budgeting and balanced financial operations. Management has taken significant steps in the past few years to maintain fiscal balance and increase general fund reserves to levels we consider very strong, providing further rating stability. As such, we do not expect to change within the outlook's two-year period.

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