AUSTIN (KXAN) — The city of Austin announced in a Wednesday morning press release that it received a “AAA” credit rating from Fitch Ratings on Aug. 28. The ranking is the credit agency’s highest.
It’s not a first for Austin, which held the rank between 2016 until 2021, according to a Fitch Ratings page on Austin. From 2021 until the latest upgrade, the city was at an “AA+” rank — just one step down.
According to the city, the upgrade was based on four “key strengths” it displayed to Fitch Ratings’ analysts: pension reform, reserve policy, role in the national economy and smart management. However, the agency’s page on Austin said that the city’s ratio of debts and pensions compared to revenue was “weak.”
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City of Austin CFO Ed Van Eenoo said in the release the upgrade was “a powerful endorsement” of the city’s stewardship and planning…