Fitch Ratings Downgrades Salisbury, N.C.’s Bond Rating Due to Fibrant

Rowan Free Press

RFP Staff

Fitch Ratings downgraded Salisbury,  N.C.’s bond rating.

“Fitch Ratings downgraded Salisbury, N.C.’s water and sewer bonds to A-plus from AA-minus, citing the city’s support of its fledgling fiber optic broadband system.

The Sept. 19 downgrade affects $14.7 million in water and sewer system revenue refunding bonds issued in 2010, the only debt of the city rated by Fitch. The water and sewer system had a total of $30.5 million in bonds outstanding at June 30, 2013.

The outlook is stable at the lower rating.

Moody’s Investors Service earlier downgraded all of the city’s ratings, including general obligation bonds, due to pressures from the city-run fiber system called Fibrant, which offers telephone, Internet, and television service. …”  Highbeam Research

Articles on Fitch’s downgrading of Salisbury’s bond rating due to Fibrant:

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