Moody’s Investors Service Affirms Wilmington’s Bond Rating Of Aa2 And Affirms City’s Financial Outlook As Stable

From the City of Wilmington:

October 15, 2020

Mayor Purzycki welcomes the news as the City prepares to sell bonds to fund new capital projects

The City of Wilmington has received encouraging financial news as it prepares to go to the bond market next month to borrow funds for major capital projects. Moody’s Investors Services has affirmed Wilmington’s bond rating as Aa2 (double A two) while also noting that the City’s financial outlook is stable. Mayor Mike Purzycki welcomed the news from the ratings agency. He said Moody’s review keeps the City in a strong position, which is especially important not just for borrowing money when needed, but for challenging times when just about all government entities are maneuvering through the financial consequences of a worldwide pandemic.

“We’ve worked hard over four years to keep Wilmington’s financial picture strong by improving government efficiency, controlling expenditures, and operating with limited or decreasing revenue,” said Mayor Purzycki. “And because we’ve taken these steps, we’ve been rewarded with a strong bond rating and the confidence of a top ratings agency that we are ready to deal with COVID and other challenges that come along.” In affirming the City’s Aa2 bond rating, Moody’s pointed to Wilmington’s regionally significant economy and the City’s rebounding financial position over the past two years.

The Mayor today expressed thanks and appreciation to the City’s financial management group, which includes his Chief of Staff Tanya Washington, Finance Director Brett Taylor, Budget Director Rob Greco, and City Solicitor Bob Goff, as well as City Department Directors who are accountable for the management of their portions of the budget.

This press release was produced by the City of Wilmington. The views expressed here are the author’s own.