Treasure Coast Sun

The City of Port St. Lucie’s Utility System Revenue Bonds received a significant boost as Fitch Ratings upgraded them from AA- to AA with a Stable Outlook. This upgrade reflects a notable enhancement in the Utility System’s financial profile, with Fitch highlighting the system's solid revenue streams and effective operational management. The rating agency's confidence in the Utility System’s financial health remains strong.

In response to the upgrade, Stephen Okiye, Port St. Lucie’s Finance Director/Treasurer, attributed the positive change to the City Council’s strategic vision and the implementation of sustainable financial policies and practices by the City staff. Okiye stated, “The decision to upgrade the City of Port St. Lucie’s Utility System Revenue Bonds is a reflection of City Council’s strategic vision and the work of City staff to implement sustainable financial policies and practices.”

The improved rating to AA underscores the Utility System's robust financial position and its ability to meet financial obligations effectively. The Stable Outlook further indicates a sustained confidence in the Utility System's creditworthiness, which bodes well for the City’s ability to maintain vital services for the community.

This upgrade is a testament to the City of Port St. Lucie's commitment to financial stability and prudent management, positioning the Utility System for continued success in providing essential services to its residents.