All three major credit rating agencies—Moody’s Investors Services, Fitch Ratings and Standard & Poor’s—reaffirmed the City’s AAA rating on its outstanding General Obligation debt. The agencies also rated the City Aa1, AA+ and AA+, respectively, on a new revenue bond issue that will be available July 31.
“Our Wall Street ratings reflect the City’s sound fiscal management and overall financial health, and will help us continue to reduce debt service costs,” City Manager Michael S. Levinson said.
Coral Springs remains one of only 34 cities and towns in the country with perfect bond ratings from the nation’s leading municipal credit rating agencies. Bond proceeds, together with other available City funds, will refund outstanding maturities of capital revenue bonds, 2001 series A and 2002 series B, issued by the Florida Intergovernmental Finance Commission on behalf of the City.
AAA is the highest credit rating afforded to municipalities for superior financial performance management. This rating allows the City to borrow funds for capital projects at the lowest possible interest rates. All three rating agencies praised the City’s solid overall financial position, effective long-range planning and prudent management policies.