Feature Story
High Performing City Government Organization
S & P upgrades City of Port St . Lucie Revenue Bond to ‘ AA ,’ its highest rating in 33 years
PORT ST . LUCIE – S & P Global Ratings ( S & P ) — one of the world ’ s big three credit agencies — has upgraded the City of Port St . Lucie ’ s approximately $ 50 million in Capital Improvement and Refunding Revenue Bonds , Series 2021 bond rating from A + to AA , the third highest possible S & P rating . This rating is the highest the City has achieved in approximately 33 years and will allow the City to issue debt at lower borrowing costs .
The S & P rating upgrade is largely attributable to the City Council ’ s prudent fiscal policies and direction , stable and strong senior management team , sustainable budgeting and financial policies and practices , improved reserve position to weather the next down-cycle and robust tax base . These ratings indicate the bonds issued are high quality and low risk .
" It is great news for the City to have earned the confidence of the world ’ s leading credit rating agencies ,” said Jeff Snyder , Port St . Lucie ’ s Chief Financial Officer . “ These bond ratings reflect the economic stability of the City of Port St . Lucie and the fact that the City has been a good steward of citizens ’ tax dollars .”
This higher bond rating means $ 600,000 to $ 1 million in present value interest savings in the life of the 30- year bond . While focusing on reducing the City ’ s debt , the successful bond issue will increase resources for the following projects :
• New Public Works building
• New Police training facility
• Torino Regional Park
• Tradition Regional Park
• Adaptive traffic light system
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