Fitch affirms Coral Springs’ AAA-stable credit rating
Wall Street credit rating agency Fitch Ratings has once again affirmed Coral Springs’ AAA credit rating with a stable outlook for the City’s general obligation bonds. According to Fitch, “The City’s financial profile remains strong, despite pressure on both ad valorem and non-ad valorem revenues resulting from the sharp increase in foreclosure activity over last year, recently enacted property tax reform, and the overall economic downturn. Financial operations are very well managed.”
Fitch praised Coral Springs for its overall low debt levels, above-average amortization, and for continuing to adhere to conservative debt and financial policies.
Coral Springs has also maintained its AAA-stable ratings with Moody and Standard & Poor’s, the other two major Wall Street rating agencies.
“Coral Springs’ full faith and credit ratings are the number-one indicators of our financial strength and continuing focus on our community’s long-term financial stability,” City Manager Michael S. Levinson said.
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Posted by Andrea Freygang
on Dec 21 2009. Filed under Broward County, Coral Springs, Local news, Money.
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