Fitch Ratings Affirms City's "AAA" Bond Rating
Shaker achieves highest rating, denoting eceptional creditworthiness
Dateline: March 1, 2017 — 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 four previous reports, issued in 2011, 2012, 2014 and 2016.
The Fitch Ratings report emphasized the City’s “ample legal ability to raise revenues, solid expenditure cutting flexibility, low long-term liability burden and exceptionally strong gap-closing ability, which enables the city to maintain a high degree of financial flexibility throughout Fitch’s moderate downturn scenario.”
“Shaker Heights is one of only nine cities in Northeast Ohio with an AAA bond rating,” notes Mayor Earl Leiken. “It reflects the City’s commitment to strong, responsible, and disciplined financial management.”