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Fitch Ratings has affirmed the city of North Port’s Issuer Default Rating at ‘AA’ and its transportation improvement assessment bonds at ‘AA-.’
Francesco Abbruzzino, The Uncensored Report, LLC
City of North Port
Fiscal responsibility is paramount when working to serve a growing City successfully and safely. Fitch Ratings, New York has affirmed the city of North Port’s Issuer Default Rating at ‘AA’ and its transportation improvement assessment bonds at ‘AA-.’ This agency rates the viability of investments relative to the likelihood of default.
In their release, Fitch Ratings says the rating “reflects the strength of the city’s operating performance assessment, underpinned by a combination of high reserves and superior budget flexibility which temper risk to volatility inherent in the city’s revenues.”
Just as a higher credit score lowers the rate a citizen will receive on their mortgage, a higher bond rating lowers the City’s cost of financing capital projects such as Price Widening.
“This release from Fitch Ratings, one of the top three international credit rating agencies, reflects the strength of North Port’s operating performance,” Finance Director Kimberly Williams said. “This independent affirmation speaks volumes about the sound financial management practices in place in North Port, as well as the fiscally responsible decision making that is consistently exercised by our executive leadership.”
We are proud of this prestigious designation, and thank all who took part in accomplishing it.
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