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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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Building Standards Commissions Pre-Meeting: 9 a.m. March 25, 2019; City Hall, second floor, City Council Confrenece Room 290, 200 Texas Street.
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Building Standards Commission Meeting: 9:30 a.m. March 25, 2019; City Hall, second floor, City Council Conference Room 290, 200 Texas Street.
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Trinity Metro Board of Directors Meeting: 3:30 p.m. March 25, 2019; Intermodal Transportation Center, Second Floor Conference Room, 1001 Jones Street, Fort Worth, Texas 76102.
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Loving Avenue Channel Improvements Project Meeting: 6 p.m. March 25, 2019; Diamond Hill Community Center, 1701 N.E. 36th St.

Stop Six / Rosedale Area Sewer Improvements Project Meeting: 6 p.m. March 25, 2019; Ebenezer Missionary Baptist Church, 1901 Amanda Ave.

City Council Work Session: 3 p.m. March 26, 2019; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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City Council Meeting: 7 p.m. March 26, 2019; City Council Chambers, Second Floor, City Hall, 200 Texas Street.
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Metropolitan Area EMS Authority: 10 a.m. March 27, 2019; MedStar Mobile Healthcare, 2900 Alta Mere Drive, Fort Worth, Texas 76116.
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City Plan Commission Work Session: noon March 27, 2019; City Hall, Second Floor, City Council Conference Room 290, 200 Texas Street.
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City Plan Commission Public Hearing: 1:30 p.m. March 27, 2019; City Hall, Second Floor, City Council Chambers, 200 Texas Street.
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Park & Recreation Advisory Board: 4 p.m. March 27, 2019; Fort Worth Botanic Garden, Deborah Beggs Moncrief Garden Center, 3220 Botanic Garden Boulevard, Fort Worth, Texas 76107.
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Bonnie Brae Improvements Project Meeting: 6 p.m. March 27, 2019; Bonnie Brae Elementary, 3504 Kimbo Road.

Tarrant County Adult Education & Literacy Consortium Meeting: 9:30 a.m. March 28, 2019; Workforce Development Board Office, Large Conference Room, 1320 South University Drive, Suite 600.
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Water and Wastewater Capital Improvements Plan Citizens Advisory Committee: noon March 28, 2019; Fort Worth City Credit Union, 2309 Montgomery Street, Fort Worth, Texas 76107.
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WORKSHOP: Code Compliance 101: 6:30 p.m. March 28, 2019; Northside Community Center, 1100 NW 18th St.

Spring Fling at Greenbriar Community Center: 6 p.m. March 29, 2019; Greenbriar Community Center, 5200 Hemphill St.

Community Rummage Sale at Andrew Doc Session Community Center: 8 a.m. March 30, 2019; Andrew Doc Session Community Center, 201 S. Sylvania Ave.

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