Mayor Purzycki gave a press release on Monday announcing that Moody’s Investors Services has affirmed Wilmington’s bond rating as Aa2 and has removed a negative tag, now listing the City’s financial outlook as stable. Moody’s said the rating is based on improved City financial management since 2017 and a belief that Wilmington’s strong fund reserves will enable the City to manage the economic uncertainties arising from the COVID 19 crisis.
“I am most appreciative of Moody’s review which helps us save money when we need to borrow to fund important City services,” said Mayor Purzycki. “Even with the expected coronavirus-related budget pressures we are facing, Moody’s saw how well we recovered from unanticipated budget expenditures in 2017 and has shown confidence that the same excellence in financial management will get us through the COVID 19 crisis. We are heading into a tough period in a stronger fiscal position, and for that I am very grateful.”
The Mayor also offered his thanks to the City’s financial management group, City Council President Hanifa Shabazz and Finance Committee Chair Charles “Bud” Freel for working with the Administration over the past three years to control spending, protect sources of revenue, and build fund reserves.
The Mayor said Moody’s also offered advice on how to further improve the City’s bond rating, which includes maintaining or increasing City budget reserves and by growing the local economy by improving the income levels of City residents. Mayor Purzycki said both goals could be harder to achieve as the City’s battles COVID 19, but said Wilmington can handle extreme challenges, especially when everyone works together.