(WASHINGTON, DC) – Mayor Vincent C. Gray announced today that the District’s General Obligation (GO) bond rating has been raised to AA from AA- by the Fitch and Standard & Poor's (S&P) ratings services. This brings them in line with Moody's Investors Service’s Aa2 rating. The city’s Income Tax supported bonds are rated AAA by S&P, Aa1 by Moody’s, and AA+ by Fitch.

“These ratings are proof, once again, that the District of Columbia should have budget autonomy. Our financial condition is excellent and we manage our budgets as well as or better than any other major city or state,” said Mayor Gray. “Fiscal prudence has been a major tenant of my administration and this ratings increase validates the financial decisions we have made.”

Mayor Gray continued, “I appreciate the ratings agencies’ recognition of my administration's commitment to fiscal discipline including adherence to the 12 percent debt cap. ‎I urge my successor to continue this commitment and maintain these upgraded bond ratings so the District can continue to enjoy lower interest rates to fund more school, library, and recreation center modernizations.”

Fitch noted, “Institutionalized and effective oversight from the Office of the Chief Financial Officer (CFO), and demonstrated commitment to fiscal discipline from political leadership are also key factors supporting the ‘AA’ rating.”

“This is an excellent rating level for the District,” said Jeffrey S. DeWitt, the District’s Chief Financial Officer. “It will help to ensure that our interest levels remain low to finance capital needs at the lowest cost.”

The rating agencies statements stressed the District’s “Highly effective budget management,” solid reserve balances, and well managed pension and other post-employment (OPEB) obligations. They also cited the work of the city’s elected officials and the Chief Financial Officer in managing the city’s budget, the multi-year expenditure and revenue forecasts, and proactive budget monitoring as important factors in raising the GO bonds ratings.

“These higher ratings are a tribute to the hard work and difficult decisions made by our mayors and councilmembers in past years and the financial management of Dr. Gandhi and the OCFO staff,” said DeWitt.