Fort Lauderdale, FL – The City of Fort Lauderdale earned significant recognition from Standard and Poor’s Global Ratings (S&P) as a result of its continuous effort to create a safe, sustainable and financially sound city.
The Wall Street credit rating agency affirmed the City’s ‘AAA’ rating which was boosted in 2020. The rating reflects the S&P’s view of Fort Lauderdale's continued sturdy economic growth, demonstrated durability and consistency of the City’s overall financial management practices.
Current and future commission priorities including Infrastructure Resilience, Parks and Public Places, and Transportation and Traffic were contributing components. The city continues to make deliberate progress on building more resilient infrastructure, including, among other projects, completing an installation of seven miles of new redundant wastewater force main and new wastewater treatment facilities at higher elevations, and two additional seawalls are currently being replaced with three additional seawall projects in initial stages.
“The ‘AAA’ rating is tremendous news for the City and its residents,” Mayor Dean Trantalis said. “We proved to Wall Street that we are aggressively moving ahead with critical improvements from additional seawalls to sustainable traffic options. Fort Lauderdale’s strong ratings will save residents and businesses millions of dollars in interest costs and strengthen our long-term financial stability.”
The city’s primary revenue sources have exhibited consistent growth trends driven by healthy tax base growth, good consumer sentiment, and tourism activity.
Here are the S&P Credit Highlights (full report below):
- S&P Global Ratings assigned its 'AAA' rating to the City of Fort Lauderdale, Fla.'s series 2022A (approximately $60 million) general obligation (GO) bonds and its series 2022B (approximately $8 million) GO refunding bonds.
- S&P Global Ratings affirmed its 'AAA' rating on the city's existing unlimited-tax GO bonds, as well as its 'AAA' rating on the city's existing series 2012 and series 2020 special obligation bonds.
- The outlook is stable.
Moody’s Investors Service Rating Action
Moody’s Investors Service has assigned an Aa1 rating to the City of Fort Lauderdale’s $62 million General Obligation Bonds, Series 2022A and $7.945 million General Obligation Refunding Bonds, Series 2022B.
The Wall Street credit agency also affirmed the Aa1 issuer rating as well as the Aa1 rating on the city's outstanding parity general obligation unlimited tax (GOULT) debt. The issuer rating reflects the city's ability to repay debt and debt-like obligations without consideration of any pledge, security or structural features. The outlook has been revised to stable from positive. Post-issuance the city will have approximately $420 million in governmental debt outstanding.
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