Manatee County improves bond rating

Moody's Investors Services recently assigned an “Aa1” rating to Manatee County Government’s $55 million Public Utility Revenue Refunding Bonds, Series 2017.

The rating improvement reflects the “the system’s significant cash position, high coverage, adequate system capacity and limited leverage with limited additional debt plans,” according to Moody’s.

The company also upgraded the utilities' $178 million in outstanding debt.

"This good news from Moody's will reduce our cost of borrowing in the future as we continue to grow and expand the utility system," said Manatee County Administrator Ed Hunzeker in a press release. "In the short term, it's a testament to the Board's management of public funds as recognized by an independent Wall Street analyst."

Hunzeker said the improved credit ratings are a result of paying debt on time, strong revenues for the utility system, a declining debt per capita ratio and prudent fiscal management by the Manatee County Commission.