, a global provider of credit ratings, commentary and research, recognized the City of Newark's strong fiscal practices by issuing an AA+ bond rating earlier this month. Fitch also highlighted the City's strong economy and low unemployment rate. This rating applies to general obligation (GO) refunding bonds as well as the Issuer Default Rating (IDR).
The Fitch Ratings analysis concluded that Newark has notable revenue and expenditure frameworks, as well as conservative financial management. As a result, the city would maintain financial stability and solid reserves in the event of an economic downturn. The study also noted the city's revenue base should increase in line with inflation and expenditure growth is expected to align with revenues.
"This recognition from Fitch Ratings proves that the City of Newark is positioned for continued success," said City Manager Tom Coleman. "The reaffirmation of our AA+credit rating was achieved through budgetary discipline and strong financial management, and it will enable the city to continue to be a remarkable place to start a business, raise a family, and receive an education."
The report recognized Newark's "strong expenditure flexibility," "substantial independent revenue-raising capacity," "exceptionally well-educated local workforce," and "conservative budgeting." See the full report here