WPB Awarded an Upgrade to Its Outstanding Special Revenues Bonds
Published on September 09, 2024
September 9, 2024
FOR IMMEDIATE RELEASE
Contact:
Diane G. Papadakos, Director of Communications
City of West Palm Beach – Mayor’s Office
dpapadakos@wpb.org
(561) 822-1411 (TTY: 800-955-8771)
City of West Palm Beach Awarded an Upgrade to Its Outstanding Special Revenues Bonds
WEST PALM BEACH, FL — Fitch Ratings has upgraded the City of West Palm Beach’s outstanding special obligation bonds to AA+ from AA. Fitch has also affirmed the ratings on the City's outstanding general obligation (GO) bonds and Issuer Default Rating (IDR) at AA+ with a stable outlook.
Fitch is a globally recognized credit rating agency that provides independent credit opinions, research, and ratings for various entities, including governments. In its upgrade announcement, Fitch stated that “the AA+ IDR/GO rating incorporates the City's AAA financial resilience assessment, which is supported by a midrange level of revenue and expenditure control and history of and expectation for maintaining unrestricted general fund reserves above 15% of spending (the minimum level required for the AAA assessment) and the City's 'midrange' long-term liability metrics.”
Fitch's assessment of the City's demographic and economic trend and level metrics are “strong” and “midrange” respectively, relative to Fitch's local government rated portfolio. Strong population growth, unemployment metrics, and educational attainment are tempered by low median household income levels.
“Having a caliber organization such as Fitch upgrade our outstanding special obligation bonds to AA+, giving the City a solid debt portfolio with affirmed AA+ ratings, is a notable achievement,” stated Mayor Keith A. James. “During my tenure as Mayor, the City has worked to illustrate improved financial performance while striving to achieve financial sustainability for our residents. Fitch’s acknowledgement of our financial resilience is a testament to our strong management and fiscal policies coupled with continued growth and development. This announcement further demonstrates that West Palm Beach is a great City to live, work, visit, and invest in!” View the full report here(PDF, 230KB).
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About The City of West Palm Beach
The City of West Palm Beach is a vibrant and dynamic City located on the Atlantic coast of Florida. With a rich history, a thriving arts and cultural scene, and a commitment to sustainability, the City of West Palm Beach is a great place to live, work, and play. As one of the three largest cities making up the South Florida region, and the central City of Palm Beach County, West Palm Beach is a vibrant, growing, waterfront City that seamlessly blends the business advantages available in the region with a more refined and relaxed environment for living and working, making it an exceptional destination for both residents and professionals alike. To learn more about the City of West Palm Beach, visit us on our official website, or follow us on our social media: Facebook, Instagram, X (formerly known as Twitter), and/or LinkedIn.