WASHINGTON — The District of Columbia has received an upgrade to its bond rating.
City officials announced Thursday that Moody’s has upgraded the rating for the District’s general obligation bonds. The rating is now Aa1, which is the second-highest rating behind AAA.
The improved rating means the District will enjoy lower interest rates when it borrows money. Chief Financial Officer Jeffrey DeWitt points out that the rating is the highest in the city’s history.
Moody’s pointed to the resilience of the District’s economy amid federal downsizing and its robust reserve funds, which are projected to continue to increase over the next several years. It also cited the city’s strong credit and manageable pension liabilities.
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