Fitch Ratings, one of the two firms that provide credit rating s to the City of Champaign, notified staff in December that it would conduct a routine review of the City’s rating. Fitch requested considerable information regarding the City’s finances, local economy, development activity, and budget balancing measures. While parts of the request could be met by simply emailing existing reports, Finance staff had to research and compile a significant amount of information. The Planning Department assisted in this effort.
Finance Department staff and Kane, McKenna Capital (the City’s Financial Advisor) participated in a conference call with Fitch representatives late last week to respond to Fitch’s questions. The call went well, and Fitch will announce its decision next week. Staff believes that Fitch will confirm its AAA credit rating for the City’s debt.