Fitch Ratings has affirmed the City’s AAA bond rating. In its press release announcing the rating, Fitch noted the following “key drivers” in its rating decision:
• University Provides Stability
• Diverse Revenue Stream
• Strong Fund Balance
• Solid Management
With respect to the strong fund balance, the press release stated “Fitch believes the city’s high fund balance level is key to maintaining the current rating level given that 50% of general fund revenue is derived from economically sensitive sales taxes.”
The full press release is available on the City’s website at the following link: