Pearl Mayor Brad Rogers said he expects Fitch Ratings to soon issue a correction to the news today that the company is downgrading the city’s credit rating.
Rogers said, “The city of Pearl is in the strongest financial position it’s been in in a long time. There are no problems.”
Fitch Ratings withdrew its ‘BBB-‘ rating on the city of Pearl’s $1.355 million in outstanding tax increment limited obligation refunding and improvement bonds (Airport Metroplex Project), series 2002, according to the Associated Press.
Fitch said it made the move “due to lack of ongoing disclosure” and that it would no longer provide rating coverage on the city or the outstanding bonds.
“Our bond council and our legal council are in contact with Fitch to try to see what information they may be needing that they don’t have. We need to know what they need, and we’ll be happy to provide it for them,” Rogers said.
The Airport project, which is financed by tax increment financing (TIF) bonds, is producing more than enough money to pay for itself, Rogers said.