MEDIA ADVISORY

Mayor: Jennifer P. Dougherty

CONTACT: Nancy Gregg Poss, Public Information Officer, 301-360-3842

FOR IMMEDIATE RELEASE: Monday, September 9, 2002

CITY OF FREDERICK ASSIGNED RATINGS

Frederick, Md. --- The City of Frederick has received excellent ratings from two financial houses as a result of a recent trip to New York City made by Mayor Jennifer Dougherty, Chief Financial Officer for the City of Frederick, John Leisenring, and Capitol Projects Manager for the City of Frederick, Tom Pellegrino.

The first rating was assigned a Aa3 by Moody's Investors Service to the City of Frederick, Maryland's $26.455 million General Obligation General Improvement Bonds, Series 2002. The Aa3 rating reflects Moody's expectation of significant tax base growth and local economic development, despite near-term water supply constraints, an improved debt position, and continued stable financial operations. Moody's also affirms our Aa3 rating on the city's $59.35 million in outstanding parity debt.

A similar rating, of AA- from Standard and Poor’s, has also been assigned to the City of Frederick. Both rating are excellent commented John Leisenring.

Bids on the bonds will be received in the office of John Leisenring on Tuesday, September 10^th, at 11 a.m.

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