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Fitch upgrades Concord bonds

March 30. Fitch Ratings has upgraded the City of Concord’s Issuer Default Rating (IDR) to AAA from AA+. The City’s limited obligation bond rating was also raised, from AA to AA+. Fitch said the city has demonstrated “strong budget management through the recent economic recovery.” Concord City Manager Brian Hiatt said the upgrades will save taxpayers’ money when issuing General Fund debt, as higher ratings generally lead to lower interest rates.  At the same time, it reflects the conservative debt issuance practices our elected officials have adopted over the years to provide for the flexibility noted in the Fitch report. The City will continue to follow its policy of keeping debt levels low and analyzing the use of debt versus pay-as-you-go for capital investments. The city’s finance director is Pam Hinson.

 

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