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The original item was published from 5/14/2015 2:45:52 PM to 6/1/2015 12:05:02 AM.

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Frederick News

Posted on: May 14, 2015

[ARCHIVED] Moody's Upgrades The City of Frederick Credit Rating to Aa1 – Highest in History

The City of Frederick’s credit rating was upgraded from Aa2 to Aa1 on $175 million in general obligation debt outstanding from Moody’s Investors Service.

MEDIA RELEASE


Moody's upgrades The City of Frederick Credit Rating to Aa1 – Highest in History!

Frederick, MD – May 14, 2015: The City of Frederick’s credit rating was upgraded from Aa2 to Aa1 on $175 million in general obligation debt outstanding from Moody’s Investors Service. This upgrade reflects the highest rating in the history of the City.

Mayor Randy McClement said, “We are thrilled to receive the highest bond rating in history for The City of Frederick. This is a direct result of our economic development efforts and our responsible fiscal management policies. Our elected officials and staff have worked together to move the City in a positive direction and I’m very proud to be part of that team.”

The upgrade reflects the expansion of the City’s tax base due to major development within Fort Detrick and the biotechnology industry. It also incorporates the City’s sizable and diverse tax base, above average resident wealth base, healthy reserves, average debt burden mitigated by self-supporting enterprise debt, and elevated pension liability.

To view the complete report go to http://bit.ly/1cAAGuN.

For additional information, contact Katie Barkdoll, Director of Budget and Purchasing for The City of Frederick at kbarkdoll@cityoffrederick.com.

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