DC mayor to make annual pitch to rating agencies

Mayor Vincent Gray and the district’s new chief financial officer, Jeffery DeWitt, will depart for New York on Tuesday to meet with bond rating agencies. Since the mid-1990s, when Congress was forced to take over the bankrupt district government, the city’s bond ratings have steadily increased. Gray will argue the city is due for an upgrade due to consecutive budget surpluses. Most of the money has gone towards supporting the city’s reserve fund, which is at a record $1.75 billion. Improved bond ratings will lead to lower interest rates when the city borrows money. Gray is seeking reelection and has made fiscal stability a priority.