Tampa’s Water, Sewer Bonds Receive Upgrade from Standard and Poor’s
Standard & Poor’s has upgraded the City’s outstanding water and sewer bonds from ‘AA+’ to ‘AAA’ today. In July 2014, Fitch also upgraded the same Water and Sewer bonds from ‘AA+’ to ‘AAA,’ meaning these bonds hold the highest possible bond rating from two major ratings agencies.
“The economic recession forced everyone to make tough choices, and City Hall wasn’t exempt. Together, we made those decisions and balanced the budget year after year,” said Mayor Bob Buckhorn. “Today, we’re being recognized for our economic stability, and ratings upgrades like this tell investors that Tampa is where they should be putting their money.”
Standard & Poor’s writes that they “consider Tampa's economy strong,” noting the region’s job growth. According to the report, the upgrade reflects “a long trend of strong coverage and liquidity levels” and “continued strong financial performance” of the bonds.
To view the upgrade, please visit tampagov.net.
In 2014, the City of Tampa received four different ratings upgrades. In November 2014, Moody’s Investors Service upgraded the City of Tampa’s solid waste revenue bonds. In September 2014, Standard and Poor’s upgraded the City of Tampa’s Issuer Credit Rating, more generically thought of as the city’s general credit rating, from a ‘AA+’ to ‘AAA’, the highest possible rating for municipal issuers. Also in September 2014, Standard and Poor’s upgraded the City of Tampa’s occupational license revenue bonds from ‘AA’ to ‘AA+’. In July 2014, Fitch Ratings upgraded the City’s outstanding water and sewer revenue bonds from ‘AA+’ to ‘AAA’.