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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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West 7th Street Design & Connectivity Project Meeting: 6:30 p.m. Aug. 16, 2018; University of North Texas Health Science Center, Carl E. Everett Education & Administration Building, Room 406, 3500 Camp Bowie Blvd.

Library Advisory Board Meeting: 7 p.m. Aug. 16, 2018; Central Library Board Room, 500 W. 3rd Street.
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Community Food Share Day at Como: 9 a.m. Aug. 17, 2018; Como Community Center, 4900 Horne St.

Canceled City Council Budget Work Session on the FY2019 Budget: 10 a.m. Aug. 17, 2018; City Hall, second floor, City Council Conference Room 290, 200 Texas Street.

Seasonal Scavenger Hunt at Chisholm Trail: noon Aug. 17, 2018; Chisholm Trail Community Center, 4936 McPherson Blvd.

Movie Night at Worth Heights: 6:30 p.m. Aug. 17, 2018; Worth Heights Community Center, 3551 New York Ave.

Back to School Bash at Como: 9 a.m. Aug. 18, 2018; Como Community Center, 4900 Horne St.

Back to School Bash at Thomas Place: 10 a.m. Aug. 18, 2018; Thomas Place Community Center, 4237 Lafayette Ave.

MedStar Foundation Board of Directors Meeting: noon Aug. 20, 2018; MedStar Mobile Healthcare, 2900 Alta Mere Dr.
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Metropolitan Area EMS Authority DBA Medstar Mobile Healthcare Board Budget Review: 3 p.m. Aug. 20, 2018; MedStar Mobile Healthcare, 2900 Alta Mere Drive.
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Task Force on Race and Culture: 5 p.m. Aug. 20, 2018; Oak Hall, Deborah Beggs Moncrief Garden Center, 3220 Botanic Garden Boulevard.
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Basswood Boulevard & Kroger Drive Infrastructure Improvements: 6 p.m. Aug. 20, 2018; Summerglen Library, 4205 Basswood Blvd.

Central City Local Government Corporation: 2 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

Fort Worth Local Development Corporation: 2 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

AllianceAirport Authority, Inc.: 2 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

Lone Star Local Government Corporation: 2 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

City Council Work Session: 3 p.m. Aug. 21, 2018; Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

City Council Meeting: 7 p.m. Aug. 21, 2018; Council Chambers, 2nd Floor, City Hall, 200 Texas Street.

Shaping Your Policy and Culture with Employee Handbooks: 11:30 a.m. Aug. 22, 2018; James E Guinn Entrepreneurial Campus, 1150 S. Freeway.

City Plan Commission Work Session: noon Aug. 22, 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. Aug. 22, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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View the full city calendar.