City's Bond Rating Unchanged
Three agencies held Worcester's bond ratings steady this year, according to the city.
Moody's Investor Services, Fitch Ratings and Standard & Poors maintained the city's bonds ratings at A3, A and A- respectively.
The rating agencies looked favorably upon the city's five-point financial plan to create long-term financial stability, which commits to growing the city's reserve accounts and expanding the city's economic base in the medium term.
The agencies made no changes to the ratings despite cuts from the state that led to 130 employees being laid off and the city spending down its reserve accounts last fiscal year.
The rating agencies cited the city's strong and diversified economic base focused on the health and education sectors as positives.
The ratings were in relation to the city's nearly $600 million in long- and short-term general obligation debt.
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