Fitch Ratings, a global leader in credit rating and research, has reaffirmed Wilmington’s AA- bond rating and has also posted a stable bond rating outlook for the City. The favorable bond rating review affirms the city’s efforts to regulate revenue and expenditures to ensure that Wilmington can manage both anticipated and unanticipated financial issues.
The Mayor said Wilmington’s stable financial condition is more critical than ever as the City continues to cope with the economic consequences of COVID-19. “Fitch’s bond rating review indicates that the management of Wilmington’s finances, revenue growth and pension system, continues to be very effective,” said Mayor Purzycki. “In fact, Fitch said in its review that the City’s long-term liability burden will likely remain moderate due to our ability to manage our debt and our decision to fully fund annual contributions to City pension plans.”
The Mayor said the Fitch Ratings review is a reminder that everything the City does related to its finances has a lasting effect. He said this includes having the discipline to approve expenditures only when it’s economically feasible as well as to preserving and developing neighborhoods and businesses as aggressively as possible, which adds to the stability to the City’s economic base.