COMMUNITY NEWS

Fitch upgrades Concord's bond ratings
Thursday, March 30, 2017

CONCORD – Fitch Ratings announced today its upgrade of the City of Concord's Issuer Default Rating (IDR) to AAA from AA+. The City's limited obligation bond rating was also raised, from AA to AA+.

Fitch noted "The city has demonstrated strong budget management through the recent economic recovery," and that "the rating further reflects the city's exceptionally strong gap-closing capacity and low long-term liability burden."

Concord City Manager Brian Hiatt stated "These upgrades enable us to save taxpayers' money when issuing General Fund debt, as higher ratings generally lead to lower interest rates.  At the same time, it reflects the conservative debt issuance practices our elected officials have adopted over the years to provide for the flexibility noted in the Fitch report."

Even with such a high rating, the City will continue to follow its policy of keeping debt levels low and analyzing the use of debt versus pay-as-you-go for capital investments.

Finance Director Pam Hinson thanked the City's leadership and department members for each playing their part Concord's financial strength. "Our excellent Finance staff works with coworkers in all departments to maintain a financially sound organization, led by the Mayor, City Council, and City Manager." added Hinson.

The Fitch Ratings release and media contacts are available at fitchratings.com.