Sunday, March 3, 2013 - 7:15am
Wilmington maintains its bond rating
Wilmington has maintained its bond ratings from Wall Street rating firms, though Delaware's largest city still faces fiscal challenges.
The News Journal reports Wall Street still has concerns about the city's pension costs, revenue that's dependent on a shifting economy and Wilmington's poverty rate that's nearly double the national rate.
Those concerns caused one agency to add a negative outlook on the city's rating.
That means there's a chance the rating could fall over the next year.
Fitch Ratings and Standard & Poor's both rated Wilmington with a AA-.
That indicates a low risk of default on debts. Moody's gave Wilmington the agency's third-highest rating, an Aa2, but noted the negative outlook that it indicated first in 2011.
The ratings come as Mayor Dennis Williams prepares his first budget.
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