City News

The City of Tuscaloosa was awarded a AAA credit rating by Fitch Ratings on Oct. 31, 2019 for having a well-managed and sound financial profile. This milestone designation by one of the top three credit agencies places the city in the highest possible credit class for municipalities nationwide and provides the city with a superior level of budget flexibility.
 
In a media announcement released by Fitch Ratings, the City’s operating performance was praised as being, “Well positioned to maintain a high level of fundamental financial flexibility throughout economic cycles. The city demonstrates strong financial management through conservative budgeting and active expenditure management. Financial reserves are very high relative to the expected level of revenue volatility in an economic downturn and in the context of the city's superior inherent budget flexibility.”
 
Tuscaloosa has also been re-affirmed by Moody’s at an Aa1 rating, which is the agency’s second-highest rating. 
 
“For 14 years, our mission and my commitment has been to ensure genuine accountability and fact-based decision-making in managing the City’s finances. Receiving this top rating is validation of the work of so many who believe in wisely investing the taxpayers’ money,” Mayor Walt Maddox said.
 
Fitch Rating’s designations are based on key rating drivers such as revenue framework, expenditure framework, long-term liability burden, and operating performance.