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Bond rating outcomes vary for 2018 debt plan

Posted June 5, 2018

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 Commission Pre-Meeting: 9 a.m. June 25, 2018; City Hall, second floor, Council Conference Room 290, 200 Texas Street.
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Building Standards Commission Meeting: 9:30 a.m. June 25, 2018; City Hall, second floor, Council Chamber, 200 Texas Street.
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Trinity Metro Finance & Audit Committee Working Session: 2:45 p.m. June 25, 2018; Intermodal Transportation Center , 1001 Jones Street, 2nd Floor Community Room.
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Trinity Metro Board of Directors Meeting: 3:30 p.m. June 25, 2018; Intermodal Transportation Center, 1001 Jones Street, 2nd Floor Community Room.
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Harmon Road Improvements Project Meeting: 6 p.m. June 25, 2018; O.A. Peterson Elementary School, 2000 Winter Hawk Drive.

Near Southside Infrastructure Improvements Project Meeting: 6 p.m. June 25, 2018; Broadway Baptist Church, 305 West Broadway Ave.

City Council Work Session: 3 p.m. June 26, 2018; City Hall, Second Floor, Conference Room 290, 200 Texas Street.
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City Council Meeting: 7 p.m. June 26, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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City Plan Commission Work Session: noon June 27, 2018; City Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.
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City Plan Commission Public Hearing: 1:30 p.m. June 27, 2018; Council Chambers, 2nd Floor, City Hall, 200 Texas Street.
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Park & Recreation Advisory Board: 4 p.m. June 27, 2018; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Boulevard.
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Breakfast at the BAC - This Is One Awesome Sales Guru: 7:30 a.m. June 28, 2018; Business Assistance Center, James E. Guinn Entrepreneurial Campus, 1150 S Freeway.
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Lake Worth Regional Coordination Committee Meeting: 2 p.m. June 28, 2018; Lake Worth Multi-Purpose Center, 7005 Charbonneau Road, Lake Worth, TX, 76135.

Overton Park Drive East Streetlights Project Meeting: 6 p.m. June 28, 2018; Southwest Regional Library, 4001 Library Lane.

Riverside Oakhurst Infrastructure Improvements Project Meeting: 6 p.m. June 28, 2018; Andrew "Doc" Session Community Center, 201 South Sylvania Ave.

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