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The City of Worcester has received an 'A' rating from Fitch Ratings, a provider of credit opinions. The rating counts towards Worcester's $47 million general obligation (GO) bonds, and the City's $561 million outstanding long-term debt, with an overall outlook rating of stable.
The 'A' rating reflects Worcester's historically consistent fiscal performance, prudent financial management and budgeting, strong tax base growth, and a stable employment base supplemented by higher education and health care institutions. These strengths are balanced by Worcester's above-average debt levels when pension bonds are included, as well as its below-average income levels, wealth, and employment.
While the presence of nine colleges and various health care organizations helped offset some of the City's lower ratings, the lower-than-average income levels are impacted by the 30,000 students who reside in the area.
Fitch forecasts that despite Worcester's stable fiscal performance, fiscal 2006 expected results will show a $7.2 million decline in total fund balance, a negative 43.6% change over fiscal 2005.
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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