MEDIA ADVISORY

Mayor: Jennifer P. Dougherty

CITY ASSIGNED AA RATING
FROM BOND RATING AGENCY

Frederick, Md. --- Standard and Poor’s has reaffirmed an “AA-” bond rating for the City of Frederick.

Mayor Jennifer P. Dougherty reacted to the news by saying, “I am pleased that we received another good rating from the rating agencies. It proves what we know, Frederick is a great community. We are a community with the capacity to grow and we will grow at a reasoned pace due to our water allocation policies.” She added, “John Leisenring has guided our fiscal policies well and been able to recommend steps to preserve our financial footing. We have balanced the desire to get things done with the financial constraints that exist. No one on the City Finance staff ignores the important details that protect our financial stability. Even with the good news, John is making sure that we read the whole report and understand our obligations.”

Standard and Poor’s cited participation in the diverse Washington-Baltimore regional economy, a strong retail and commercial presence with the City and a large tax base that has averaged a healthy 5.3% growth over the past years. The abovementioned factors were offset by diminished financial performance and position, wealth levels that are below the State of Maryland’s average and growth related pressures due to water and wastewater infrastructure.

“We are extremely pleased with Standard and Poor's decision to affirm our double A- rating and fortunate that the city's strong retail and commercial presence within the city and our diverse regional economy were considered in maintaining such a high rating,” stated John Leisenring, chief financial officer for the City of Frederick. Leisenring added, “However, the agency has cited growth related pressures on water and wastewater issues and our declining fund balance as areas of concern. I believe this is a strong signal that we continue to address these areas to maintain our excellent rating in the future.”