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On Target

General obligation bond rating

High Performing Government | Desired Measure Result: Above Target

  Moody's Fitch S&P Kroll
2014 Aa1 AA+ AA+ N/A
2015 Aa1 AA+ AA+ N/A
2016 Aa2 AA+ AA+ N/A
2017 Aa3 AA+ AA+ N/A
2018 Aa3 AA+ AA AA+

Every bond issued by the City of Fort Worth (and all other entities) are rated by at least one bond rating company.  A bond rating gives investors important information about a bond and its issue and allows investors to make an informed decision when deciding whether or not to buy a bond.  Like an individual's credit score, the higher the bond rating an entity receives the lower the interest rate the entity will be required to pay (less risk).  Alternatively, the lower the bond rating (higher risk), the more interest an entity is required to pay.  

For the third consecutive year, the City received a downgrade from one of the top rating agencies.  The City's downgrades are attributable to our large and growing unfunded pension liability.  Despite strong financial management, fiscal policies and practices, and budgetary performance, the $3.2 billion pension shortfall is significant and well above average for cities of similar size.  On June 12, 2018, the Mayor and City Council approved a resolution notifying the Fort Worth Employees Retirement Fund that changes would be forthcoming which would enable the City place the system back on a sustainable path for the future.