Fitch Ratings Affirms City's "AAA" Bond Rating
Shaker achieves highest rating, denoting exceptional creditworthiness
Dateline: February 9, 2016 - Fitch Ratings, a credit rating and research agency, affirmed the City’s “AAA” bond rating as part of its ongoing surveillance of the City’s financial condition. The AAA rating is the highest attainable rating, indicating Shaker maintains an exceptional degree of creditworthiness and easily meets its financial commitments. Shaker is among a small group of local cities carrying an AAA rating from one of three major rating agencies. Fitch Ratings also affirmed the City’s AAA rating in its three previous reports, issued in 2011, 2012, and 2014.
The Fitch Ratings report emphasized Shaker’s strong management, ample cash reserves, financial flexibility, and below-average debt levels as key rating drivers. “The city’s high level of overall financial flexibility supports the ‘AAA’…ratings. The financial profile is characterized by strong liquidity and reserves, as well as strong voter support for revenue-raising initiatives,” the report stated.