Fitch Ratings has upgraded the City of Garland’s water and sewage revenue bonds, the agency announced last week.
On Friday, Fitch published a release stating that Garland’s $37.1 million in water and sewage revenue bonds dated 2011, 2012 and 2013 had been upgraded from a ‘AA’ rating to ‘AA+’.
The upgrade reflects an increased likelihood of repayments. The ‘AA+’ rating means that the agency considers investment in the bonds relatively low risk. This adjustment comes even as the city deals with the fallout from the coronavirus pandemic, the release explains, with the city having to spend more on customer assistance but without plans to cut back on capital spending.
These liens account for 18% of the city’s outstanding debt.
The firm also reaffirmed $248 million in water and sewer system bonds and bank notes from 2014 through last year at the previous ‘AA’ level.
Based in New York and London,