Fitch Upgrades City of Atlanta’s IDR (Credit Rating) to “AAA”

Fitch has upgraded the City of Atlanta’s Issuer Default Rating (IDR) from AA+ to AAA. This is the highest Fitch credit rating in the City’s history. Combined with a Moody’s bond rating of Aa1, Atlanta has now become even more attractive to businesses, potential homebuyers, students, and event organizers due to its sound fiscal management, diversified local economy and forward-thinking government. “Making Efficient and Ethical Government a pillar of my Administration’s agenda is more than a tagline—it is a mission, and it is a directive for every single City department. Under the leadership of Chief Financial Officer Mohamed Balla, the Department of Finance has taken this mission to the next level and accomplished something we should all be proud of,” said Atlanta Mayor Andre Dickens.

“These ratings reflect responsible, sound fiscal management and confidence in how we do business in this city. Thanks to the hard work of the DOF and so many others, the City is in the strongest fiscal position in its history, and we will continue to make sure we plan our finances with resilience in mind and an eye on the future. ” Strong credit ratings confirm that the City’s financial obligations are of high quality and are subject to low risk, allowing Atlanta to issue bonds at relatively lower interest rates. This ensures residents and businesses get the most out of their tax dollars as the City invests in vital projects. “We are thrilled that Fitch Ratings has upgraded the City of Atlanta to AAA, recognizing our strong fiscal foundation and long-term resilience.

This achievement reflects our commitment to prudent financial management and the hard work of our finance team and city leadership, positioning Atlanta to invest in infrastructure, enhance services, and support growth for all residents,” said City of Atlanta Chief Financial Officer Mohamed M. Balla. This April, Atlanta was named as the top city to start a business in 2024 by Home Bay and recognized in Black Enterprise Magazine. Cited for low operating costs, a large talent pool and a strong community of Black entrepreneurs, the latest acknowledgement comes after Atlanta metro area captured the best place to start your own business in 2023 by LinkedIn. Less than a year ago, the City’s Series 2022 Infrastructure Bonds, part of the innovative Moving Atlanta Forward infrastructure package, has been honored as the Southeast “Deal of the Year” by The Bond Buyer.

The Series 2022 Infrastructure Bonds, with a significant portion designated as "social bonds,” reflects Atlanta’s unwavering commitment to funding projects that yield substantial social benefits. A total of $369 million of the $410 million raised were earmarked as social bonds, a first for the city. You can learn more about the City’s Department of Finance here.