NEW YORK--(BUSINESS WIRE)--On May 18, 2018, Kroll Bond Rating Agency (KBRA) assigned a AA+ rating with a Stable Outlook to the City of Fort Worth, Texas General Purpose Bonds, Series 2018 and on the Tax Notes, Series 2018.
KBRA’s rating action reflects the City’s strong financial management policies and practices, strong management, and strong financial performance and liquidity. Economic growth is vibrant, although wealth levels are lower than statewide metrics. Debt levels are moderate; and the City is actively working on pension reform to reduce the related liability.
This rating assignment is based on KBRA’s U.S. Local General Obligation Rating Methodology. KBRA’s rating evaluation of the long-term credit quality of local government general obligation bonds focuses on four key rating determinants, as summarized below:
- Governance, Management Structure and Policies: AAA
- Municipal Resource Base: AA
- Debt and Additional Continuing Obligations AA
- Financial Performance and Liquidity Position: AAA
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.