Fitch Ratings Upgrades City of Tampa Issuer Default Rating (IDR) and Non-Ad Valorem, Occupational License Tax and Utilities Tax Bonds. Affirms Sales Tax Bond Rating.

08/23/16
This notice is archived content and this information may no longer be accurate.
 
Fitch Ratings assigns the following ratings with stable outlook:
 
  • City of Tampa Issuer Default Rating (IDR) upgraded to 'AA+' from 'AA',
  • Utilities tax revenue bonds upgraded to 'AA+ from 'AA-',
  • Non-ad valorem (NAV) revenue bonds upgraded to 'AA' from 'AA-',
  • Occupational license tax (OLT) refunding bonds, series 2007 upgraded to 'AA' from 'AA-',
  • Sales tax revenue bonds affirmed at 'AA'.
 
Fitch Ratings upgrades the City of Tampa Issuer Default Rating, more generally thought of as the city’s general credit rating, to ‘AA+’ from ‘AA’, one notch below the highest possible rating for municipal issuers.  

“These credit rating increases are a firm representation of the City of Tampa’s unwavering commitment to fiscal accountability,” said Mayor Bob Buckhorn. “These upgrades indicate Tampa’s ability to balance the budget while continuing to invest heavily in Tampa’s future. Emerging out of the worst recession since the Great Depression, Tampa has received increases in its credit rating since 2011."
 
“We look forward to continuing to responsibly serve the residents of the City while committing to strengthening our fiscal bench.”
 
According to Fitch, the Issuer Default Rating upgrade to ‘AA’+ is based on a combination of positive credit trends including, the city's flexibility to adjust spending or to generate additional revenues in response to economic downturns, low long-term debt and pension liability burden, and generally solid operating performance, despite recent deficits. Fitch further cited that upgrades on the non-ad valorem and occupational license tax bonds are reflective of the upgrade of the city Issuer Default Rating and that affirmation of the 'AA' rating on the sales tax bonds reflects solid growth prospects and strong protection against cyclical declines.   
 
Find the full report here.
For additional information, please contact: 
Ashley Bauman, Public Affairs Director
(813) 274-8262