FOR IMMEDIATE RELEASE
Contact: Chad Brecklin, City Administrator
Phone: (608) 270-4208
Email: chad.brecklin@fitchburgwi.gov
City of Fitchburg, WI Earns Aaa Rating Upgrade
The City of Fitchburg is pleased to announce today that Moody’s Ratings (Moody’s) has upgraded the City of Fitchburg’s issuer rating to Aaa from Aa1. Concurrently, Moody’s upgrades to Aaa from Aa1 the rating on the city’s outstanding general obligation unlimited tax (GOULT) debt and assigned a Aaa rating to its General Obligation Promissory Notes, Series 2024A.
The upgrade to Aaa reflects the city’s very strong financial position and solid economic metrics, supported by ongoing development. This upgrade marks the first upgrade the City of Fitchburg has received from Moody’s in 14 years. The Moody’s upgrade to their highest rating of Aaa serves as an independent acknowledgment of the tremendous financial accomplishments of the City.
“We are proud that Fitchburg is one of five communities in the state of Wisconsin to achieve this top rating by Moody’s. This upgrade demonstrates their independent recognition of the commitment to financial responsibility and decision-making of the city’s elected officials and staff since 1995.,” said Fitchburg Mayor Julia Arata-Fratta.
“In 1995 the City was rated at A and has consistently improved its rating since then, moving to A1 in 1996, Aa3 in 1999, Aa2 in 2002, and Aa1 in 2010, by hiring a public finance advisory firm and implementing sound financial policies.” stated Misty Dodge, Fitchburg Finance Director.
Since 1995, the city has grown significantly, increasing the total equalized value from $843 million to over $5.7 billion and the population from roughly 18,000 to over 30,000. With that growth, there has been a related prudent expansion of city services across all functions to ensure the city provides quality services that are financially sustainable.
Analysts from Moody’s recently visited the City of Fitchburg where they received a presentation on the city’s financial management practices and a tour of the city, which highlighted all the city has to offer its residents, businesses, and visitors. Moody’s Aaa issuer rating reflects their assessment of the city’s robust financial position, a growing regional economy and relatively low leverage and fixed costs. The rating upgrade is anticipated to reduce borrowing and/or interest costs associated with financing projects such as buildings, road reconstruction, and large equipment acquisitions.