June 14--HUNTSVILLE -- The City of Huntsville received an official notice from Fitch Ratings this week affirming its "AA" investment grade rating -- a high quality indicator only two grades below the highest possible rate.
The city's rating outlook is considered "stable," a designation based on several key rating drivers including a strong financial profile, economic indicators and sales tax trends.
"The affirmation we received from Fitch Ratings is very positive," director of finance Steve Ritter said. "The report acknowledges our strong financial management practices, including maintenence of high reserve levels, stable employment growth, and a commendable financial profile with positive operating margins and ample liquidity."
Ritter said the city also expects to receive an updated rating notification from Standard and Poor's in the coming weeks.
"I am very proud the city continues to maintain its high rating," Mayor Mac Woodward said. "This is a reflection of the city's sound financial management and the strength of the local economy. I want to thank everyone at the city for their hard work and dedication in managing the peoples' money and providing quality services the people deserve. I also want to thank the citizens of Huntsville for their support and efforts to make Huntsville a great community."
For more information, visit the city of Huntsville website at www.huntsvilletx.gov.
(c)2014 The Huntsville Item (Huntsville, Texas)
Visit The Huntsville Item (Huntsville, Texas) at www.itemonline.com
Distributed by MCT Information Services