CORAL SPRINGS, FL – City of Coral Springs has retained ‘AAA’ credit rating from the bond credit rating agency, Fitch Ratings, which helps the government save millions of dollars in interest on borrowing, city officials said Friday.
The bond rating measures an organization’s credit value and the ‘AAA’ bond rating is the highest possible rating Coral Springs could have received.
The high rating also means to investors that Coral Springs is a low-risk investment which translates into lower interest rates and corresponding lower interest payments on general obligation bonds, according to 2020 Coral Springs budget report.
“Maintaining such distinction, even as we face unprecedented challenges as a result of the COVID-19 pandemic, reflects our city’s financial stability and excellent strategic planning, which has a tremendous fiscal impact for our residents,” Coral Springs Mayor Scott Brook said in a news release.
According to the 2020 budget report, Coral Springs has also earned the highest bond rating available from Standard and Poor’s (S&P).
In August, 2019, the city was reaffirmed from Moody’s Investors Service receiving the Aa1 rating.
“The City’s goal is to maintain the AAA from S&P and Fitch while making the changes needed to earn the Aaa bond rating from Moody’s,” according to the budget.
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