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Bond rating outcomes vary for 2018 debt plan

Posted June 5, 2018

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As part of the city’s 2018 debt plan, staff has met with rating analysts from Moody’s, Fitch, Standard & Poor’s, and Kroll over the past several weeks. The city sought ratings for several upcoming bond sales.

“As indicated by the rating agencies, pension reform is going to be pivotal in maintaining and improving the current ratings,” said CFO Aaron Bovos. “The city manager, along with the management team and the Pension Task Force, will continue to work diligently toward ensuring necessary actions are taken to address the city’s growing liabilities and underfunded pension.”

The city is currently negotiating pension plan reforms with city employees, and prompt agreement on a meaningful reform package, plus any legislative approval, will be critical.

Here is an overview of rating outcomes:

Fitch

General Obligation Rating. Assigned and affirmed rating of AA+. The outlook was revised to negative from stable.
Water Rating. Assigned and affirmed Water’s rating of AA with a stable outlook (no change).
Storm Water. Affirmed rating of AA+ with a stable outlook (no change).

S&P

General Obligation Rating. Assigned and revised rating to AA, from AA+ (one notch downgrade), with a stable outlook.
Water Rating. Affirmed rating of AA+ with a stable outlook (no change).

Moody’s

General Obligation Rating. Affirmed rating of Aa3 with a negative outlook (no change).
Water Rating. Affirmed rating of Aa1 with a stable outlook (no change).

Kroll

General Obligation Rating. Assigned rating of AA+ with a stable outlook (new rating).

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Commercial Board of Adjustment Work Session: 8:30 a.m. Dec. 19, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.
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Commercial Board of Adjustment Public Hearing: 9:30 a.m. Dec. 19, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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Holiday Breakfast and Bingo at Southwest Community Center: 10 a.m. Dec. 19, 2018; Southwest Community Center, 6300 Welch Ave.

Residential Board of Adjustment Work Session: noon Dec. 19, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.
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Residential Board of Adjustment Public Hearing: 1 p.m. Dec. 19, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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Christmas Social at Southside Community Center: 4 p.m. Dec. 19, 2018; Southside Community Center, 959 E. Rosedale.

Christmas Bingo at Doc Session Community Center: 6 p.m. Dec. 19, 2018; Andrew Doc Session Community Center, 201 S. Sylvania.

Urban Design Commission Public Hearing: 10 a.m. Dec. 20, 2018; City Hall, second floor, Council Conference Room 290 , 200 Texas Street.
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Urban Design Commission Work Session: 10 a.m. Dec. 20, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.
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Christmas Brunch at MLK Jr. Community Center: 10 a.m. Dec. 20, 2018; MLK Jr. Community Center, 5565 Truman Drive.

Prairie Lights at Grand Prairie with Southwest Community Center: 4:30 p.m. Dec. 20, 2018; Southwest Community Center, 6300 Welch Ave.

Toy Giveaway at Riverside Community Center: 5 p.m. Dec. 20, 2018; Riverside Community Center, 3700 E. Belknap.

City Plan Commission Work Session: noon Dec. 21, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.
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City Plan Commission Public Hearing: 1:30 p.m. Dec. 21, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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Cookies with Santa at Andrew Doc Session Community Center: 6 p.m. Dec. 21, 2018; Andrew Doc Session Community Center, 201 S. Sylvania .

Christmas Gala at Southside Community Center: 6 p.m. Dec. 21, 2018; Southside Community Center, 959 E. Rosedale.

Holiday Shop N Drop at Hillside Community Center: 7:30 a.m. Dec. 22, 2018; Hillside Community Center, 1201 E. Maddox.

Holiday Shop N Drop at Worth Heights Community Center: 10 a.m. Dec. 22, 2018; Worth Heights Community Center, 3551 New York Ave.

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