Fitch Ratings said Monday it assigned an F1+ rating to the city of St. Louis’ $32 million Tax and Revenue Anticipation Notes (TRAN), Series 2007. Fitch also affirmed its A- long-term rating of some of the city’s general obligation bonds.
Fitch said in its report that the F1+ rating is based on ample coverage of TRAN repayment set-asides, as well as the city’s high ending cash balance and the availability of sizable borrowable resources in the event of unanticipated changes in receipts or disbursements. An F1 rating indicates the strongest capacity for timely payment, according to Fitch.
Fitch also affirmed a A- long-term rating on $54.8 million of general obligation bonds that will sell on a negotiated basis as early as the week of June 11 through a syndicate led by St. Louis-based Stifel, Nicolaus & Co. Inc., part of Stifel Financial Corp. (NYSE: SF). An A- rating denotes a strong credit risk, according to Fitch.
Fitch Ratings Ltd. is a credit rating agency with headquarters in both New York City and London.