Fitch Ratings recently performed an annual surveillance review of the city’s credit worthiness and issued a press release affirming the City’s Excise Tax Revenue Obligations and Issuer Default Rating at ‘AA’ with a stable rating outlook. A rating at this level is a large contributor to receiving an excellent borrowing rate when debt is issued.
Fitch Analytical Conclusion, “The 'AA' rating is underpinned by the city's currently high level of financial resilience that Fitch expects will be maintained through future economic cycles. The 'AA' rating also reflects the city's post-pandemic revenue growth prospects above inflation, solid expenditure flexibility and moderate carrying costs despite future direct debt plans, and moderate revenue-raising ability. Fitch expects the long-term liability burden to remain moderate.”
View the full report here: https://www.fitchratings.com/research/us-public-finance/fitch-affirms-kingman-az-excise-tax-rev-obligations-idr-at-aa-outlook-stable-17-05-2022
Original source can be found here.
Alerts Sign-up