Palm Coast – S&P Global Ratings announced in June that it was upgrading the City’s outstanding Utility Systems Bonds rating from A+ to AA-. This is the second upgrade to the City’s Utility Revenue Bonds over the last 6 months when Fitch Rating Service raised their rating from A+ to AA. The Service stated the upgrade of the bond rating reflects the system’s improving financial profile that has benefitted from strong growth in connection fees and funds available for debt service in recent years, despite an expanding capital program.
The improvement reflects continued economic growth and diversification with the system. Components asserted in this elevation include:
- Our City’s median household effective buying income
- Affordable, stable water/sewer utility rates
- Strong and proactive operational and fiscal management practices
“These upgrades were extremely valuable to the City in helping to secure very low interest rates on the City’s Taxable Utility Refunding Revenue Bonds,” says Helena Alves, Palm Coast’s Director of Financial Services. “This translates into significant debt service savings to our Utility customers.”
The S&P Global Ratings Service is a national firm that evaluates the creditworthiness of a government agency’s department with regards to its ability and willingness to meet its financial obligations.
For more information on S&P Global Ratings Service, please visit www.spglobal.com.
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NEWS RELEASE – City of Palm Coast
Written By: Brittany Kershaw, Public Information and Engagement
July 15, 2021
