“Standard & Poor’s Rating Services raised its rating on Jacksonville, Florida’s sales tax revenue bonds to ‘A+’ from ‘A’ due to strong growth in pledged revenue resulting in improved debt service coverage,” said Standard & Poor’s credit analyst Hilary Sutton. This improvement is also largely due to the City’s sizable tax base with good income indicators and declining unemployment.

“We are delighted and proud of our improved rating,” said Mayor Lenny Curry. “It is a testament to our administration’s tenacious focus and commitment to fiscal responsibility.”

The City’s other two ratings agencies, Moody’s and Fitch, affirmed their “A1” and “A+” ratings for the City respectively, on the sales tax bonds. Moody’s stated the rating is based on the City’s position as a major trade, transportation and service center for the southeast. Additionally, it identified a rebounding local economy, future development, prudent management and strengthened overall financial position.

In addition to the rating upgrade, Standard & Poor’s assigned its “A+” rating to the issuance of series 2016 sales tax refunding revenue bonds, which will be secured by a senior-lien pledge on the city’s infrastructure sales tax in March. Bond proceeds for the refunding will advance refund a portion of the city’s series 2008 parity sales tax bonds to achieve debt service savings.