Manatee County Bond Ratings Upgraded

BRADENTON – International credit rating agency Fitch Ratings re-calibrated their U.S. Public Finance Ratings, which has resulted in an across-the-board upgrade for all of Manatee County’s bond ratings. Manatee County is rated among the strongest and most financially secure counties in Florida. Fitch upgraded the AA+ rating on the County's $16.7 million in outstanding general obligation bonds to AAA, the highest rating possible. All of Manatee County’s other bond ratings, including public utility revenue bonds and non-ad valorem revenue bonds, improved from AA to AA+.

The 'AA+' rating on the non-ad valorem revenue bonds reflects strong debt service coverage from a diverse mix of revenue sources other than property taxes; like gas taxes, sales taxes and user fees. The county’s credit remains strong from low debt levels, manageable capital needs, and above average wealth levels. While there has been a dramatic increase in unemployment and mortgage foreclosures, both are in line with state figures. Approximately 90 percent of the county’s debt is supported by these non-ad valorem revenues.

”For Manatee County’s taxpayers, to have our already strong bond ratings upgraded to even higher levels represents the high level of confidence that investors have in our county and its management,“ says R.B. "Chips" Shore, Manatee County Clerk of the Circuit Court & Comptroller.

”The upgraded ratings speak highly about the financial health of our County, and when the county needs to borrow in the future, these strong ratings will allow for favorable interest rates. I congratulate the County’s Administration for their impressive management of taxpayer funds.“

"This is another prime example of the Board of County Commission’s prudent financial management of the community's tax dollars,“ said Manatee County Administrator Ed Hunzeker.

”These stellar credit ratings give Manatee County better interest rates that will add up to significant savings to our taxpayers."

The revenue generated by the public utilities system -- through charges for water, sewer and garbage -- is used to support the debt service for the public utilities revenue bonds. This revenue, after covering normal operating costs, is sufficient to meet the systems debt payments and other bond requirements.