Moody’s Investors Service affirmed an Aa2 bond rating for the City of Midland and revised the outlook from negative to stable on Aug. 3.
The Aa2 rating and stable outlook reflect the large and stable tax base, conservative fiscal management, healthy reserve position, and low debt burden.
Analysts said in the report that they expect the City of Midland "will exhibit modest growth over the near term as the local economy shows signs of recovery amidst a prolonged low oil price environment… Over the past five years, the city’s AV (assessed valuation) grew at an average annual rate of 9.6 percent including 3 percent for fiscal 2018.”
The report also noted that “the city’s conservative fiscal management, build-up reserves during boom years, and stabilized local economy point to maintenance of above average fund balance and liquidity over the near term.”
Media Contact: Finance Director Pam Simecka