'AAA' Bond Ratings Issued For Beachwood

BEACHWOOD, OH - Fitch Ratings recently gave the City of Beachwood's debt bonds a AAA rating. The ratings reflect the city's financial stability and strong economic management policies.

Beachwood currently has approximately $5 million in limited tax general obligation (LTGO) bonds, from 2015 and $170,000 LTGO bonds from 2000. Fitch said in its review that it expects the city's revenue stream to be steady in the near future.

The Fitch report says, "The city's economic base is anchored by the Cleveland Clinic Foundation, parent institution of the Cleveland Clinic, which ranks among top taxpayers and is the city's single largest employer. The city continues to benefit from its status as a regional employment hub, with large-scale residential and mixed use properties currently in development."

The report also says that three employers constitute a third of the city's fiscal base. However, Fitch does suggest that economic volatility may impact Beachwood's general fund revenue stream.

The majority of the report on Beachwood's bonds is glowing, describing the city's strong economic base, high reserves, and ability to close gaps quickly. You can read Fitch's full report by clicking here.

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