Mayor Williams and Treasurer Supinski Announce Moody's Bond Rating
Posted on 03/05/2014 1:00 pm
Mayor Dennis P. Williams and City Treasurer Henry W. Supinski announce that Moody’s Investors Service has affirmed the Aa2 (read ‘AA two’) long-term rating on the City’s $286 million of General Obligation debt. Moody’s also revised the outlook on the City’s rating to stable.
Citing Wilmington’s steady financial position, benefits derived to the City from a diversified business and economic base, steady residential and business development, and the City’s manageable debt burden, affirms the City’s Aa2 bond rating.
The revisions of the outlook to stable reflects the consistent progression of financial reserves in the City’s General Fund and the ongoing strengthening of some of the City’s most important tax revenues. In a press release, Moody’s Investors Service states, “we expect the City to continue maintaining strong cash reserves...We believe the City’s financial position has stabilized fully following a period of weakness.”
“The affirmed bond rating is very significant, as it bolsters the City’s borrowing power and better enables the City to borrow money for projects such as road repairs, building improvements or additions and water and sewer infrastructure upgrades,” said Mayor Williams. “The bond rating and revised outlook to stable reflects and confirms the sound fiscal policies that have been initiated by the Administration and City Council.”
Treasurer Supinski added that he was pleased with Moody’s recognition of the City’s strong management practices; particularly the City’s stepped up collection efforts, independent revenue projections, and its recently revised budget reserve policy. He believes this is a tribute to the hard work that the City’s financial team continues to do on a day-to-day basis.
Mayor Williams, Treasurer Supinski and the Chief of Staff each express their appreciation to all of the City officials who assisted with the City’s bond rating process and contributed to the City’s sound fiscal outlook, including the City’s Budget Director, Robert Greco, and the Office of Management and Budget; Finance Director, Sheila Winfrey-Brown, and the Department of Finance. Treasurer Supinski also extends a special thanks to his Deputy, Lisa Partlow, for her efforts to help achieve a successful bond rating review.