Standard & Poor’s upgrades bond ratings for city’s debt obligations
Standard & Poor’s has notified the city of Cape Coral that it has raised the bond ratings for the city’s water and sewer revenue debt, and utility assessment bond debt.
The long-term and underlying rating for water and sewer system revenue debt was raised to an “A” from an “A-” with the outlook as “stable.” In addition, Standard & Poor’s rating for the utility assessment bonds was upgraded to “BBB+” from “BBB” also with a “stable” outlook.
“These improved bond ratings illustrate how managerial best practices have a positive impact on many facets of our organization, and in this case, our financial outlook with a national ratings agency,” said City Manager John Szerlag. “The upgraded ratings also are a direct reflection on the professionalism and expertise of our Financial Services staff led by Director Victoria Bateman.”
The upgrades to the bond ratings reflect Standard & Poor’s overall opinion of continued good financial performance and the city’s intent to maintain the improved finances.
Source: City of Cape Coral