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City increases credit standing

February 18, 2009

The City of Hagerstown's assets exceeded its liabilities by $224.8 million in fiscal year 2008, City Finance Director Alfred Martin said Tuesday during a Hagerstown City Council work session.

The city's total assets were $290.8 million, compared to $66 million in total liabilities, according to audit documents. The city's net assets in 2007 were $208.9 million.

"It means we're continuing to invest in our city's future," Martin said as he presented the council with highlights from the city's 2008 audit. "... That's the message I would like to give."

The capital assets included land, buildings, machinery, equipment, roads and bridges.

The city decreased its total debt by $400,000, Martin said. As a result, Moody's Investors Service, a company that issues credit ratings, upgraded the city's credit standing from A3 to A2.

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-- Dan Dearth

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