Nearly three years after Standard & Poor's slashed Sarasota County's limited ad valorum bond rating four levels due to plummeting property values, the financial firm has nudged the grade on roughly $82 million of debt into "A" territory.
"The outlook is stable," according to a March 10 Standard & Poor's news release outlining the reasons behind upgrading the debt rating from BBB+ to A-. S&P improved the county's debt outlook due to the 4.1% increase in taxable values in the 2014 fiscal year, among other reasons.
"It improves the overall assessment of the credit quality of one of the County’s debt instruments," said Sarasota County fiscal consultant Richard Gleitsman. "In a general sense, when a county or municipality has high bond ratings, it improves their access to investors in the municipal market for future issuances of debt."
The county has taken advantage of low interest rates by refinancing portions of it debt, which it will continue to purse, Gleitsman said.
"This is further evidence of not only an improving economy, but also the commission's ongoing fiscal prudence when it comes to prioritizing our investments into the projects that the community needs most," said acting Assistant County Administrator Steve Botelho in a news release.
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2 3rd annual 'Power of the Girl' Business Breakfast
2 French apÃ©ro evening
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2 Florida's Children First 2014 Sarasota Reception
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2 'Safe Sex Halloween Bash: Midnight on the Bayou' Pre-Party Kiki
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Win big in two Observer contests
Starting in October, the Observer will now offer prizes for winners of the weather photo contest, sponsored by Manasota Flooring Inc.
Can you dig it?
Third- and fourth-grade students of Temple Beth Sholom had a chance to brush up on their paleontology skills last week while digging for faux dinosaur bones.