Fitch Ratings lowered Anchorage’s grade for bonded debt, citing the city’s diminished financial stature after spending heavily to cope with multiple emergencies in the last few years. But it also deemed the city’s fiscal outlook to be “stable.”
A major credit rating agency has lowered Anchorage’s grade for bonded debt, citing the city’s diminished financial stature after spending heavily to cope with multiple emergencies in the last few years.
The change means the city will pay a slightly higher rate for debt it takes on for large-scale spending projects like infrastructure improvements. For local property owners, those increases are likely to be overshadowed by larger economic forces like inflation and the Federal Reserve’s recent increases to interest rates.
“The municipality expects most of these costs will be reimbursed by FEMA or recouped through tax changes, but the timing is uncertain, which could leave the municipality with a reduced financial cushion for an indeterminate period of time,” the agency wrote in anon the downgrade. “Unlike other municipalities, Anchorage expended its full American Rescue Plan Act funds instead of waiting until some costs had been reimbursed, leading to the materially low reserve levels.
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