MANATEE COUNTY, FL (Jan. 19, 2017) – Moody's Investors Services recently assigned a Aa1 rating to Manatee County, FL's $55 million Public Utility Revenue Refunding Bonds, Series 2017.
According to Moody's, the upgrade reflects "the system's significant cash position, high coverage, adequate system capacity and limited leverage with limited additional debt plans."
Moody's also upgraded the utility's $178 million in outstanding debt. Manatee County Administrator Ed 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 Board of County Commissioners.
"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 the short term, it's a testament to the Board's management of public funds as recognized by an independent Wall Street analyst."
For more information on Manatee County Government, visit www.mymanatee.org or call (941) 748-4501. You can also follow us on Facebook at www.facebook.com/manatee.county.fl and on Twitter @ManateeGov.