Worcester bonds receive strong rating
Worcester’s bonds have received a strong rating, indicating a “very strong capacity for payment” of the city’s financial commitments, according to a release from Fitch Ratings.
Fitch awarded an “AA-“ rating to $82 million in bonds that are scheduled to sell competitively on Dec. 9. The bonds will be used to fund citywide water and sewer capital improvements, as well as upgrades to the DCU Center’s arena and convention center facilities, and refund portions of other outstanding bonds.
The“AA-“ rating equates to a “very high credit quality” rating from the company, reflecting a very low default risk, according to Fitch. Among the reasons for the strong rating were growth in the city’s reserve level and strong management, which allowed the city to improve its finances despite recessionary pressures and a weak economy. The same positive rating was reaffirmed by Fitch Ratings for an additional $553 million in bonds.
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