Upgrade Recognizes City’s Continued Strong Fiscal Management
The nation’s leading rating agencies continue to recognize the City of Jacksonville’s improving finances. Standard & Poor’s Ratings Services (S&P) announced Friday that they have upgraded the rating on the City of Jacksonville’s special revenue bonds to ‘AA’ from ‘AA-’. Bond ratings are an indicator of credit quality and strength of underlying revenue streams.
“This latest upgrade further demonstrates our continued and strong focus on fiscal responsibility is making a difference for our citizens,” said Mayor Lenny Curry. “We continue to work hard to enhance the City’s standing with investors by doing all we can to ensure the City’s financial stability for years to come. Improved credit ratings can save our city millions of dollars on future debt issues by lowering borrowing costs, which is good for taxpayers.”
Citing a change to their ratings methodology, S&P said they now consider both non-ad valorem and general fund pledges as equal since both are dependent on the successful operation of the City. The City of Jacksonville’s special revenue pledge is a non-ad valorem pledge, and backs $1.027 billion of the City’s debt outstanding as of Sept. 30, 2017.
Throughout Mayor Curry’s administration, Standard & Poor’s (S&P) Global Ratings, Fitch Ratings, and Moody’s Investor Service have all acknowledged the City’s strong, disciplined financial management, policies and practices by upgrading Jacksonville’s credit rating in various areas.
About the City of Jacksonville
The City of Jacksonville is the largest city by land mass in the continental United States, serving approximately 850,000 residents. Located in Duval County, City of Jacksonville leadership includes the mayor and a 19-member City Council.