Bond credit rating agency Fitch Ratings has affirmed Coral Springs’ AAA credit rating with a stable outlook for the City’s General Obligation Bonds. The AAA rating is the highest bond rating an organization can earn. According to Fitch, “Financial operations and reserves remain strong despite continuing economic pressures due to management's conservative revenue forecasting and tight expenditure controls.”
Fitch praised Coral Springs for its sound financial reserves, steady growth in taxable assessed values, low debt, and sound debt profile. The Fitch AAA rating comes less than one month after Moody’s affirmed its own AAA rating for Coral Springs.
Much like an individual’s credit rating, a bond rating is a measure of an organization’s credit worthiness. AAA bond ratings are often referred to as the ‘Prime’ rating because it symbolizes the highest quality investment with the smallest degree of risk. As an AAA rated city, the City of Coral Springs has saved, and will continue to save, millions of dollars in interest and credit enhancements such as bond insurance.
“It is encouraging to see that Wall Street appreciates the City’s commitment to long-range planning and their willingness to make difficult decisions that are in the best interest of our residents,” City Manager Erdal Donmez said. “This achievement was a collective effort,” Donmez added, “that would not have been possible without the diligent effort of all our employees pitching in and working together during these very difficult economic times.”