Economic growth, adequate reserves and strong fiscal management were among the factors listed by Fitch Ratings in affirming the City of Worcester’s AA-rating in a report Tuesday evening.
The rating is for a $6.8-million bond sale that will take place Thursday. Proceeds from the sale of the so-called general obligation district improvement financing bonds will be used to retire bond anticipation notes issued to support the CitySquare project.
Fitch noted the commuter rail expansion project and a recent increase in commercial property valuations as a positive.
The agency noted below-average socioeconomic indicators, “high” unemployment and a “notable” unfunded employee benefit obligation as negatives. But Fitch noted that funding levels have improved and the city is meeting actuarial obligations.
