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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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Calendar

Golden Triangle Boulevard & Harmon Road Roundabout Project Meeting: 7 p.m. Jan. 21, 2019; O.A. Peterson Elementary School Gym, 2000 Winter Hawk Drive.

Canceled City Council Work Session: 3 p.m. Jan. 22, 2019; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.

Civil Service Commission: 6 p.m. Jan. 22, 2019; Bob Bolen Public Safety Complex, Auditorium, 505 West Felix Street, Fort Worth, Texas 76115.
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Canceled City Council Meeting: 7 p.m. Jan. 22, 2019; City Council Chambers, Second Floor, City Hall, 200 Texas Street.

City Plan Commission Work Session: noon Jan. 23, 2019; City Hall, Second Floor, City Council Conference Room 290, 200 Texas Street, Fort Worth, Texas 76102.
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City Plan Commission Public Hearing: 1:30 p.m. Jan. 23, 2019; City Hall, Second Floor, City Council Chambers, 200 Texas Street, Fort Worth, Texas 76102.
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Park & Recreation Advisory Board: 4 p.m. Jan. 23, 2019; Southwest Community Center, 6300 Welch Avenue, Fort Worth, Texas 76133.
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Fort Worth Housing Solutions Board of Commissioners Regular Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Fort Worth Affordability, Inc. Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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QuadCo Management Solutions, Inc. Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Sedona Public Facility Corporation Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Ironwood Crossing Public Facility Corporation Board of Directors Special Meeting: 5 p.m. Jan. 24, 2019; FWHS Administrative Office Board Room, 1201 East 13th Street, Fort Worth, Texas.
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Active Transportation Plan Public Meeting: 6 p.m. Jan. 24, 2019; Central Library, 500 West Third St.

Fort Worth Professional Fire Fighters Association Collective Bargaining Negotiations: 1:30 p.m. Jan. 25, 2019; IAFF Local 440 Office, 3855 Tulsa Way, Fort Worth, Texas 76107.
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District 4 Caffeinated Town Hall: 9 a.m. Jan. 26, 2019; Heritage Clubhouse, 9536 Courtright Drive.

View the full city calendar and current meetings.