Birmingham Bonds Nets AAA Rating, Outlook 'Stable'

A bond rating firm says the city's $21.3 million in outstanding unlimited tax general obligation bonds is rated AAA and the general economic outlook is "stable."

These so-called ULTGO bonds are secured by property taxes. 

Fitch Ratings noted an uptick in economic activity recently:

"Year-to-date results indicate the city will end fiscal 2014 with another planned draw on general fund reserves due to a $1 million transfer to the pension system. Fitch expects that even with these planned draws, the city's reserves will remain ample and within their policy range. The increase in taxable value and increased building permit activity are helping to strengthen revenues, the effects of which are somewhat countered by a 2% wage reinstatement and additions to headcount."

Read more here.

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