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DC mayor to make annual pitch to rating agencies

Tuesday - 2/18/2014, 7:43am  ET

WASHINGTON (AP) -- District of Columbia Mayor Vincent Gray and other city leaders are making their annual trip to New York to meet with the three bond rating agencies.

The city's bond ratings have improved steadily since the mid-1990s, when Congress was forced to take over the bankrupt district government.

Gray will argue that the city is due for an upgrade in part because of three consecutive budget surpluses. Most of that money has gone toward bolstering the city's reserve fund, which now has a record $1.75 billion. Gray, a Democrat, is seeking re- election and has made fiscal stability a priority.

Improved bond ratings would mean lower interest rates when the city borrows money.

The mayor and the district's new chief financial officer, Jeffrey DeWitt, will depart for New York on Tuesday.


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