“Historic” best describes the City of Jacksonville’s recent credit rating, as Fitch announced Monday that the City has earned a ‘AAA’ rating, up from ‘AA.’ Records show that this is the first time in City of Jacksonville history that the City, or any of its revenue pledges, has received a ‘AAA’ rating from a major rating agency on a standalone basis.
“This is a tremendous win for the City of Jacksonville,” said Mayor Lenny Curry. “I’m proud of the history we are making by bringing strong fiscal management to our city. My administration will remain consistent in our commitment to respect the hard-work of taxpayers.”
Throughout the Curry administration, national credit rating agencies have continued to commend the disciplined financial management practices by upgrading or affirming the City’s credit rating in various areas. Most recently, Standard & Poor’s (S&P) upgraded the City’s special revenue pledge to ‘AA’ from ‘AA-‘ and Moody’s affirmed the City’s “Aa3” credit rating on the special revenue pledge.
Improved credit ratings can save cities hundreds of thousands, and in some cases, millions of dollars on future debt issues by lowering borrowing costs.