Summary: Fitchburg, Massachusetts; Non-School State Programs

S&P Global Ratings assigned its 'AA' long-term program rating and 'AA-' underlying rating to Fitchburg, Mass.' $23.73 million series 2023 general obligation (GO) state-qualified bonds. The outlook on the underlying rating is stable. Fitchburg's full-faith-and-credit pledge, subject to Proposition 2-1/2 limitations, secures the bonds. Despite commonwealth levy-limit laws, we do not make a rating distinction between the city's limited-tax GO pledge and general creditworthiness because our analysis of the city's financial and economic conditions already includes the limitation imposed on its revenue-raising ability. Bond proceeds will finance water and sewer infrastructure projects, the Crocker Elementary School replacement project, and a library renovation. Fitchburg is a primarily residential and historically industrial community north of Worcester. Residents benefit from access to regional

...Most recent Historical information 2022 2021 2020 Adequate economy Projected per capita EBI % of U.S. 78 78 79 78 Market value per capita ($) 83,195 83,195 74,139 68,568 Population 41,130 41,197 County unemployment rate(%) 3.8 5.9 Market value ($000) 3,923,013 3,421,819 3,049,346 2,824,802 Ten largest taxpayers % of taxable value 8.0 Strong budgetary performance Operating fund result % of expenditures 2.1 3.3 0.9 Total governmental fund result % of expenditures 1.3 2.8 2.0 Very strong budgetary flexibility Available reserves % of operating expenditures 19.8 18.9 15.8 Total available reserves ($000) 30,806 27,547 22,704 Very strong liquidity Total government cash % of governmental fund expenditures 54 45 30 Total government cash % of governmental fund debt service 4,258 3,707 4,028 Adequate management Financial Management Assessment Standard Strong debt & long-term liabilities Debt service % of governmental fund expenditures 1.3 1.2 0.8 Net direct debt % of governmental fund revenue 49 Overall...

Summary