April 24, 2007
City's debt is grade A
By Matthew L. Brown
Fitch Ratings of New York has given an "A" rating to Worcester's $4.8 million in general obligation bonds.
The bonds are scheduled to sell May 1.
Fitch also assigned an "A" rating to the city's $609 million in outstanding long-term debt. Fitch's rating outlook for Worcester is "stable."
According to Fitch, the ratings are a result of the city's stable employment base in higher education and health care, strong tax base growth, consistent fiscal performance, and prudent financial management.
However, those characteristics are tempered by the city's above average debt level, below average employment and income levels, and recent draws on the general fund balance.
The bonds are scheduled to sell May 1.
Fitch also assigned an "A" rating to the city's $609 million in outstanding long-term debt. Fitch's rating outlook for Worcester is "stable."
According to Fitch, the ratings are a result of the city's stable employment base in higher education and health care, strong tax base growth, consistent fiscal performance, and prudent financial management.
However, those characteristics are tempered by the city's above average debt level, below average employment and income levels, and recent draws on the general fund balance.
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