Tampa, FL July 11, 2014 - Fitch Ratings upgraded the City's outstanding water and sewer bonds from 'AA+' to 'AAA' today, marking the second rating boost received by the systems since spring 2011.
"Year after year, together, we have worked hard to continue making strategic investments while balancing the budget. A ratings increase is a big deal and affirms the choices we’ve made," said Mayor Bob Buckhorn. "From major corporations to small businesses, economic stability at City Hall results in better business opportunities and growth here in Tampa."
Fitch credits the City’s fiscal stewardship, highlighting Tampa’s conservative financial and debt management. Fitch writes, "liquidity is strong despite judicious pay-as-you-go capital funding,' providing flexibility and allowing for healthy reserves to be maintained. They also credit the existing water and wastewater systems, noting that they are 'in a state of good repair.'
Importantly, Fitch points out, 'Tampa remains the economic anchor for the region with a diverse and improving employment base.' As mentioned in the report, the area’s unemployment rate dropped from 8.6% in April 2012 to 5.9% in April 2014.
To view the upgrade, please visit fitchratings.com.
In 2011, S&P also upgraded the rating of the water and wastewater system revenue bonds from 'AA' to an 'AA+'.
The above notice is archived content and may contain information that is no longer valid. This includes URL's that were valid when originally published, but may now link to sites or pages that no longer exist.