Moody’s Investor Services has updated its credit ratings for the City of Port St. Lucie, indicating positive financial management and strategies. The ratings agency upgraded the city’s issuer and general obligation ratings, as well as its water and sewer revenue bonds, and affirmed its stormwater revenue bonds.
The issuer and general obligation ratings received an upgrade from Aa3 to Aa2. This decision was based on Port St. Lucie’s “improved financial position,” where Moody’s cited “strong revenue growth, conservative management of American Rescue Plan Act funds, and manageable long-term liabilities and fixed costs” as key factors.
Stephen Okiye, Port St. Lucie’s Finance Director/Treasurer, remarked on the upgrades.
The city’s water and sewer bonds also saw an upgrade from A1 to Aa3. Moody’s highlighted the “manageable debt levels, ample cash reserves, and proactive infrastructure planning” in their assessment.
The stormwater revenue bonds for Port St. Lucie were affirmed at Aa3.
Moody’s rating system for long-term bonds ranges from a top rating of Aaa to a low of C, segmented into 1-3, with 1 as the highest. The Aa category is regarded as high quality, carrying very low credit risk.
